KPS Capital Will Buy Furniture Brands Assets
Furniture Brands International announced that the U.S. Bankruptcy Court for the District of Delaware declared an affiliate of KPS Capital Partners as the winning bidder in the auction to acquire substantially all of the Furniture Brands’ assets. According to a WTVA report, the $280 million sale to KPS was approved by the bankruptcy court on November 22, 2013.
Ralph Scozzafava, chairman of the board and CEO of Furniture Brands, said, “We congratulate KPS and firmly believe that this transaction is the best outcome for all of our stakeholders. KPS has a long track record of providing companies that have undergone restructurings with the operational expertise and financial strength they need to preserve their market leadership as strong standalone businesses positioned for future growth. We are quite pleased that KPS has extended an offer of employment to substantially all of our employees who will help build a successful future for Furniture Brands.”
The court set November 20, 2013 as the deadline for submitting bids and November 21, 2013 as the date of the auction.
Miller Buckfire and Company is acting as investment banker for the company; Alvarez and Marsal North America is acting as restructuring advisor; and Paul Hastings is the company’s legal counsel. Proskauer Rose is acting as legal counsel to KPS with respect to the transaction.
To read the entire WTVA article, click here.
Previously on abfjournal: WSJ: Furniture Brands Gets Court Nod for “Stalking Horse” Bid, October 4, 2013