September 12,
2013 by in Bankruptcy, Industry 
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
September 11,
2013 by in Bankruptcy, Industry
The list of top 30 unsecured creditors in the Furniture Brands International (OTC: FBNIQ) Chapter 11 bankruptcy case has been released.
September 10,
2013 by in Bankruptcy, Industry
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
September 9,
2013 by in Bankruptcy, Industry
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.
July 11,
2013 by NEMS 360 in Bankruptcy, Industry
Newport Furniture, New Albany, Miss., has filed for protection under Chapter 11 of the U.S. bankruptcy code.....