Bankrupt Furniture Brands Gets Nod For Ch. 11 Plan
Law360, Wilmington (July 14, 2014, 8:17 PM EDT) -- A Delaware bankruptcy judge on Monday blessed the Furniture Brands International Inc.’s Chapter 11 liquidating plan, allowing the estate to dole out the proceeds of the company’s $280 million asset sale.
U.S. Bankruptcy Judge Christopher S. Sontchi signed off on the Chapter 11 plan at a hearing in Wilmington, finding that it “clearly satisfies” confirmation requirements. Furniture Brands entered court protection in September after lining up a $166 million stalking horse bidder and eventually sold the bulk of its assets to private equity firm KPS Capital Partners LP for $280 million, a result Judge Sontchi described Monday as “spectacular.”
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