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From Home Furnishing Business

Furniture Brands Updates Top Creditors' List

Furniture Brands International filed an amended list of its 30 largest unsecured creditors Monday in its Chapter 11 bankruptcy case.

Bankrupt Furniture Brands Seeks Executive Bonuses

Bankrupt Furniture Brands International has asked a federal judge in Delaware to let it pay more than $5 million in bonuses to 55 employees, including seven company insiders, if its assets are successfully sold at auction.

The manufacturer, which hasn't made a profit in six years, said the bonuses would be paid for reaching incentives that "will not be easy."... 

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Source: Law360

Furniture Brands' Canadian Unit Files Bankruptcy

Furniture Brands Canada, a subsidiary of bankrupt Furniture Brands International, has also filed for bankruptcy and laid off all its salaried employees.

Furniture Brands launched the Canadian subsidiary in 2009. Furniture Brands Canada listed liabilities of about $2.1 million and assets of about $409,000 in its bankruptcy notice. Its salaried employees are owed just more than $70,400, according to the notice.

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Source: St Louis Business Journal

Furniture Brands Gets Approval of Financing; 2nd Bidder on the Scene

Furniture Brands International won court approval of as much as $115 million in bankruptcy financing to help fund operations as it pursues a sale of most of its assets to Oaktree Capital Management for about $166 million.

A rival bidder-KPS Capital Partners-appeared in court Wednesday saying it would be interested in buying Lane as part of the deal. An attorney for KPS said the company would stay active as the bankruptcy proceeded and could come forward with a better DIP plan.

An Oct. 2 hearing is set to determine approval of the full $140 million plan.

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Source: Bloomberg

Furniture Brands' Pension Top Unsecured Creditor

The list of top 30 unsecured creditors in the Furniture Brands International (OTC: FBNIQ) Chapter 11 bankruptcy case has been released.

Layoff of Lane Employees Likely in Furniture Brands Bankruptcy

The Chapter 11 filing by Furniture Brands International yesterday will likely result in the layoff of its 1,451-person Lane workforce in Mississippi.

Lane is being spun off separately from the company's stable of brands. The division operates plants in Belden, Miss., and Saltillo, Miss., as well as distribution centers in Verona, Miss., and Wren, Miss., and an office in Verona.

Gloria Neal, with the Mississippi Department of Employment Security, said the company filed notice Monday of the layoffs. She said the filing indicated the layoffs would start Oct. 14 and continue in "ensuing days and weeks." 

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Source: Clarion-Ledger

Furniture Brands Files Chapter 11; Plans Sale of Brands

Furniture Brands International (OTC: FBNI) has filed Chapter 11 bankruptcy protection today with the U.S. Bankruptcy Court in Delaware and said it plans to sell most of its assets, including brand names like Broyhill, Drexel Heritage and Henredon.

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