Furniture Co. Files For Ch. 11, Plans Sale To Oaktree

Law360, New York (September 9, 2013, 5:15 PM EDT) -- Furniture Brands International Inc. on Monday announced it has filed for bankruptcy protection in Delaware federal court with a prepackaged deal to sell the bulk of its assets to Oaktree Capital Management.

The St. Louis-based home furnishing company said that under the terms of the proposed deal, Oaktree will buy essentially all of its assets except for its Lane line through a court-supervised auction process that may include other potential suitors.

"After careful consideration of a range of alternatives, we firmly believe that our Chapter 11...
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