Furniture Brands' Creditors Argue For $280M KPS Bid

Law360, Wilmington (September 30, 2013, 9:50 PM ET) -- The creditors committee for the Furniture Brands International Inc. bankruptcy on Monday blasted the debtor's choice of a revised stalking horse bid from Oaktree Capital Management that pushed the auction floor up to $260 million, arguing a $280 million bid from KPS Capital Partners LP is the better choice.

The official committee of unsecured creditors contend that Furniture Brands' selection of the revised bid was an improper exercise of the debtor's business judgment not only because KPS's rival bid is quantitatively higher, but because it eliminates...
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