Furniture Brands Files For Bankruptcy Protection

Furniture Brands' Bankruptcy Sets Up Sale to Oaktree

Its shares were recently delisted, and the Clayton company filed for bankruptcy protection on Sept. 9, 2013. In the file photo: Brandi H. Long, administrative assistant to Wilbert G. (Mickey) Holliman, chairman, president and CEO (fourth from left); Lynn Chipperfield, senior vice president and Chief Administrative Officer; Richard A. Grasso, chairman & CEO, NYSE; Holliman; Catherine Kinney, president & COO, NYSE; Michael K. Dugan, president and CEO, Henredon Furniture Industries, Inc. Source: NYSE/ via Bloomberg News. Clayton-based Furniture Brands International filed for bankruptcy protection today and announced it has reached a preliminary agreement to sell much of its business to an investment management firm.
For the original version including any supplementary images or video, visit http://www.stltoday.com/business/local/furniture-brands-files-for-bankruptcy-protection/article_1669c5af-4eca-5106-8c4c-a2c04cfa0559.html

Cellceutix acquires PolyMedix assets from bankruptcy court

The Oaktree acquisition proposal doesnt include the Lane brand. Furniture Brands said its engaged with other potential buyers for that line. Furniture Brands plunged as much as 70 percent to 17 cents in over-the-counter trading after the filing was reported. The shares had dropped more than 92 percent this year before today. The case is In re Furniture Brands International Inc., 13-12329, U.S. Bankruptcy Court , District of Delaware (Wilmington).
For the original version including any supplementary images or video, visit http://www.bloomberg.com/news/2013-09-09/furniture-brands-bankruptcy-sets-up-sale-to-oaktree.html

Furniture Brands files for Chapter 11 bankruptcy

The sale agreement will be subject to higher bids and a court-supervised auction. The money from the auction will be used to repay Furniture Brands creditors. The company's pink sheet stock was down 33 cents or 57 percent at 24 cents per share in afternoon trading. Oaktree also committed to providing a $140 million debtor-in-possession or DIP loan to finance the bankruptcy case. The company said in documents filed in Delaware's U.S. Bankruptcy Court that it estimated its assets were worth $546.7 million and its liabilities were worth $550.1 million. It said its largest creditors were LP Products PTE Ltd, a trade creditor owed $2.5 million, and the Pension Benefit Guaranty Corp, a government insurer of defined-benefit pensions.
For the original version including any supplementary images or video, visit http://www.reuters.com/article/2013/09/09/us-furniturebrands-bankruptcy-idUSBRE9880ZR20130909

Senator Requests Probe of New Bankruptcy Fee Rules

Cellceutix Corp. , a clinical stage biopharmaceutical company based in Beverly, said it has acquired substantially all of the assets of the company formerly known as PolyMedix Inc. from bankruptcy court. PolyMedix was a biotech that had been working on small-molecule drugs for the treatment of infectious diseases and innate immunity disorders. Cellceutix said the purchase price was $2.1 million in cash and 1.4 million shares of company stock. The PolyMedix assets acquired include a pipeline of nine compounds as well as the substantial equipment assets at PolyMedixs 25,000-square-foot headquarters and laboratory, the company said in a press release . The acquisition includes PolyMedixs flagship drug candidate Brilacidin, a first-in-class defensin-mimetic antibiotic that has completed a Phase 2a clinical trial demonstrating safety, http://san-francisco-bankruptcy-lawyer.com tolerability and efficacy in patients with acute bacterial skin and skin structure infections caused by Staphylococcus aureus, Cellceutix said. In a statement, Cellceutic chief executive Leo Ehrlich said: This is a transformational development for our company and shareholders; adding the assets of PolyMedix for a tiny fraction of what we believe the company is truly worth.
For the original version including any supplementary images or video, visit http://www.boston.com/business/innovation/blogs/inside-the-hive/2013/09/09/cellceutix-acquires-polymedix-assets-from-bankruptcy-court/A9HATag4UgmqhepA9fI2QP/blog.html

Furniture Brands files for bankruptcy, seeks sale to Oaktree

Grassley wrote in the letter. Attorney fees are one of many hot-button issues in bankruptcy, and Mr. Grassleys letter referenced another: venue. Bankruptcy laws afford companies great flexibility to choose where they seek protection, and critics say lawyers push companies to file in a venue where $1,000 (or higher) hourly fees are the norm. Mr. Grassley asked the GAO to review whether certain jurisdictions maintain lax standards that encourage excessive fees. A spokeswoman for the U.S.
For the original version including any supplementary images or video, visit http://blogs.wsj.com/bankruptcy/2013/09/09/senator-requests-probe-of-new-bankruptcy-fee-rules/

Oaktree will provide $140 million in debtor-in-possession financing. That includes $50 million in liquidity, which officials said would enable the company to continue business operations. Furniture Brands is evaluating sale alternatives for Lane, according to the news release. Last month, a Stifel analyst predicted a liquidation or bankruptcy filing was imminent, and Furniture Brands reportedly hired turnaround advisors . Last month, Furniture Brands delisted itself from the New York Stock Exchange , after its market cap fell below $50 million for 30 consecutive days. Furniture Brands reported a $40.8 million loss in the second quarter, compared with a $6.8 million loss in the prior year period.
For the original version including any supplementary images or video, visit http://www.bizjournals.com/triad/news/2013/09/09/furniture-brands-files-for-chapter-11.html