corrected-furniture brands files for bankruptcy, seeks sale to oaktree

by:BoomDear Wood     2020-02-18
(
Fix the 2d paragraph to show that Lane furniture is not included in the sale, not Lane Ventures. )Sept 9 (Reuters)-
Furniture brand International filed for Chapter 11 bankruptcy protection on Monday and said it plans to sell most of its businesses, including names such as Thomas Ville, dreisel heritage and La Barge. The St. Louis-
The company said in a statement that it agreed to sell all brands other than Lane furniture to the investment company ockerri Capital Management, which specializes in purchasing assets from bankrupt companies.
The sale agreement will accept higher bids and the court-
Supervised auction
The proceeds from the auction will be used to repay the creditors of the furniture brand.
In the afternoon trading, the company\'s pink shares fell 33 cents, or 57%, to 24 cents a share.
Oak also promised to provide a debtor of $0. 14 billion. in-
The possession or bottoming out of funds provided for bankruptcy cases.
In a document submitted by Delaware, the company saidS.
The bankruptcy court estimated the company\'s assets to be worth $546.
€ 7 million, $550 in liabilities. 1 million.
The company said its biggest creditor was LP products Private Limited, a trading creditor that owed $2.
5 million, pension guarantee companies, the government usually stipulates-
Pension.
The case is American international furniture brand. S.
Delaware Bankruptcy Court, 13-12329. (
Tom Hals of Wilmington, Delaware;
Editor James Dalgleish and Leslie getogz)
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