LOUIS (AP) The maker of furniture brands such as Thomasville, Broyhill, Lane and Drexel Heritage said Monday that it has filed for Chapter 11 bankruptcy protection. Furniture Brands International said it hopes to sell the bulk of its business to investment firm Oaktree Capital Management. The St. Louis-based company, which also runs the Thomasville chain of furniture stores, struggled like many other companies after the collapse of the housing market. But unlike some of its peers, its business has not rebounded with the recovery in home sales and the broader economy. Furniture Brands reported in August that it widened its fiscal second-quarter net loss to $40.8 million on weaker revenue and major charges to write down the value of its brands.
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Bankruptcy lite: when a consumer proposal is a better option
The maximum repayment period is five years. Consumer proposal vs. debt settlement Unlike a debt settlement, a consumer proposal carries the force of law once your creditors agree. "A consumer proposal is a legally binding deal with your creditors," says Doug Hoyes, a bankruptcy trustee and co-founder of Hoyes, Michalos & Associates Inc. Because of that, creditors can't change their minds once they've agreed to the terms. "They can't sue you, they can't garnish your wages and they can't freeze assets," says Jay T. Harris, trustee in bankruptcy for Harris & Partners Inc.
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Facing Lead Paint Suits, Baltimore's City Homes Files for Bankruptcy
As a result of the 70 pending lead paint lawsuits and the many more anticipated, the companies must stabilize their affairs and consider all options going forward, City Homes President Barry Mankowitz said in court papers filed Tuesday. Past legal judgments against City Homes include $2.5 million awarded to two siblings in November 2009. Their mother moved to a City Homes rowhouse after finding out one of the children was exposed to lead in a previous rental unit; she said City Homes assured her the home was safe. Another case resulted in a $5.1 million judgment against City Homes that was later reduced to $1.25 million. Exposure to lead paint , of special concern in homes built before 1978, can cause permanent damage to the brain and nervous system, including behavior and learning problems. Young children are most susceptible. In conjunction with increasing operating costs and an inability to acquire additional rental units, the substantial expense of lead paint litigation has contributed to the companys recent losses, Mr. Mankowitz said.
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