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Furniture Brands International Inc Files For Chapter 11 Bankruptcy Protection

Monday, 9 Sep 2013 02:20pm EDT

Furniture Brands International and certain of its wholly-owned subsidiaries (collectively, Furniture Brands), announced that it has filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Company also announced that in conjunction with the filing, it is pursuing a sale process under Section 363 of the Bankruptcy Code. To this end, Furniture Brands has entered into an asset purchase agreement with affiliates of funds managed by Oaktree Capital Management L.P. (Oaktree), which it intends to submit to the Court. Under the agreement, Oaktree will acquire substantially all of the assets of Furniture Brands except the Company's Lane business, through a Court-supervised auction process, subject to Bankruptcy Court approval and certain other conditions. This bid will serve as a starting point for a sale process for the Company, which may include other bidders. In addition, the Company is engaged in a process to evaluate sale alternatives for the Lane business, and has received several indications of interest from potential acquirers. Oaktree is a institutional investor with deep experience working with companies in situations similar to Furniture Brands.

Borneo International Furniture Co Ltd Applies for Initiation of Corporate Turnaround Process

Monday, 10 Jun 2013 04:17am EDT

Borneo International Furniture Co Ltd announced that it has applied for the initiation of the Company's turnaround process with Seoul Central District Court, to normalize its business, on June 10, 2013.

Fintexport SA Submitted For Bankruptcy

Wednesday, 1 May 2013 02:47am EDT

Fintexport SA announced that its Board of Directors has submitted for bankruptcy before the Athens Multi Instance Court.

Sato Office And Houseware Supplies SA Submitted Into Bankruptcy Protection Law

Monday, 1 Oct 2012 09:39am EDT

Sato Office And Houseware Supplies SA announced that it has submitted to the Court an application for bankruptcy protection under Article 99 of Law 3588/2007, which will be heard by the Multi Member First Instance Court of Athens. According to the Company, this action is necessary to ensure the smooth running of its operations.


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Provider: Pechala's Reports
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