KPS' $280M Stalking Horse Bid For Furniture Brands OK'd

Law360, Wilmington (October 2, 2013, 7:11 PM EDT) -- A Delaware bankruptcy judge on Wednesday allowed Furniture Brands International Inc. to swap in KPS Capital Partners as its new stalking horse with a $280 million bid over Oaktree Capital Management's $260 million offer, and gave the interim nod permitting KPS to be the new post-petition lender.

Furniture Brands' move to switch came as somewhat of a surprise since the debtor had indicated in court filings as recently as Monday that it preferred Oaktree's bid, despite KPS topping the offer by $20 million.

But Furniture Brands...
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