Furniture Brands Gets Nod For $140M DIP, Employee Bonuses
By Matt Chiappardi
Law360, Wilmington (October 11, 2013, 7:37 PM ET) -- A Delaware bankruptcy judge gave final approval for Furniture Brands International Inc.'s $140 million post-petition loan Friday from KPS Capital Partners LP and allowed the debtor to dole out millions of dollars in executive and employee bonuses, despite the objections of the U.S. Trustee.
U.S. Bankruptcy Judge Christopher S. Sontchi said he was initially concerned about the key employee incentive plan, but gave it the green light after hearing that the unsecured creditors committee had reluctantly decided to support it.