Daily News: October 3, 2013

Judge Approves Furniture Brands Base Bid

The Winston-Salem Journal reported that U.S. Bankruptcy Judge Christopher Sontchi approved Wednesday the latest Furniture Brands bid by KPS Capital Partners, according to officials from Cohen Tauber Spievack & Wagner P.C. who attended the hearing. The newspaper said the offer was $20 million more than the latest bid by Oaktree Capital Management, the preferred stalking horse of Furniture Brands management.

KPS now takes over Oaktree’s debtor-in-possession financing obligations until an auction is held Dec. 10. KPS can ask the judge to accelerate the auction process by 15 days.

To read the entire Winston-Salem Journal article, click here.

Previously on abfjournal: Furniture Today: Furniture Brands Closes 14 More Thomasville Stores, September 23, 2013