Execs move to buy bankrupt Stoneville
By Jeff Linville -- Furniture Today, March 10, 2002
STONEVILLE, N.C. — Senior officers of Stoneville Furniture are seeking to acquire the casual dining manufacturer, which has been operating under Chapter 11 bankruptcy protection since July 2001.
The group includes President Robert Koenig; Dave Gleasman, chief financial officer; Kelly Smith, vice president of sales; and Cary Smithey, vice president of manufacturing.
The senior secured lender has agreed to the plan, Koenig said, without providing any details. A court hearing is scheduled for April 13.
If the plan is approved, Stoneville could emerge from Chapter 11 under new management on May 1, he said.
Koenig and his partners are working on a financing package that will restructure the company's debt. Koenig said letters of intent from at least two potential lenders have been received. Management plans first to pay off secured lenders, then other creditors, he said.
Court documents list Stoneville's debt as between $10 million and $50 million, with assets between $5 million and $10 million.
Stoneville is one of three furniture companies once owned by River Associates of Chattanooga, Tenn. The others are Woodland Furniture and Towne Square.
Dutailier bought Towne Square in November 2000, and River Associates has liquidated Woodland.
Woodland wasn't making the grade, Koenig said, and dragged down both itself and Stoneville.
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