Home » NEWS » Economic Development » Lane Furniture back in play with latest bids … 1,400 jobs could still be saved

Lane Furniture back in play with latest bids … 1,400 jobs could still be saved

laneBy Dennis Seid

Furniture Brands International will be in bankruptcy court in Delaware on Wednesday, as a judge will consider several motions.

Among them: Oaktree Capital Management‘s larger bid for the company and its assets – including Lane.

After filing for Chapter 11 bankruptcy protection on Sept. 9, Furniture Brands had said it favored a bid by Oaktree for $166 million, including $140 million in financing, plus the assumption of other liabilities. But that bid did NOT include Lane Furniture.

But after KPS Capital Partners offered a higher bid, which included Lane, and a bidding war of sorts has ensued.

In court documents, Furniture Brands says it favors Oaktree’s latest bid of $260 million. However, the unsecured creditors’ committee has balked and said it favors KPS’ even higher bid of $280 million.

And in both new bids, Lane Furniture is included in the bids, a hopeful sign for the 1,400 Lane employees in Northeast Mississippi.

» See complete story here …

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About Ross Reily

Ross Reily is editor of the Mississippi Business Journal. He is a husband to an amazing wife, dad to 3 crazy kids and 2 dogs. He is also a fan of the Delta State Fighting Okra and the Boston Red Sox.

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