WSJ: Furniture Brands Gets Court Nod for “Stalking Horse” Bid
The Wall Street Journal reported Furniture Brands entered into an asset purchase agreement with KPS Capital Partners L.P. to acquire the company’s assets for $280 million, including the company’s Lane business.
In addition, the Wall Street Journal reported, Furniture Brands filed a motion seeking authorization from the U.S. Bankruptcy Court for the District of Delaware, with Judge Christopher S. Sontchi presiding, to conduct an auction process.
The Wall Street Journal said the court entered an interim order under which KPS will replace Oaktree Capital Management L.P. as the DIP lender to ensure its operations will continue uninterrupted and to set a final hearing for October 11, 2013. KPS has committed to fund up to approximately $190 million as the DIP lender, according to Wall Street Journal .
Previously on abfjournal: Judge Approves Furniture Brands Base Bid, October 3, 2013