Rowe auction set for Jan. 11
By Furniture Today Staff -- Furniture Today, December 31, 2006
McLean, Va. — A new bankruptcy court filing requests a Jan. 11 auction date for upholstery manufacturer Rowe, a week earlier than previously scheduled.
In a filing last week with the U.S. Bankruptcy Court in Alexandria, Va., which is handling Rowe's Chapter 11 reorganization case, the company requests Jan. 11 as the date the court would officially receive any bids that might upset Sun Capital Partners' $30 million offer.
The Florida-based private equity fund and Rowe Cos. announced earlier they had agreed to the sale at a price of $24 million in cash, plus the assumption of $6 million in liabilities.
Unless the court receives bids that exceed the Sun Capital bid, the sale is expected to be approved.
According to a news release from Rowe, all major parties in the Chapter 11 case, including both creditors' committees, have announced their support for the process.
Earlier, a creditors' committee had objected to the proposed sale to Sun Capital, saying that it estimated the Rowe assets had a value of $55 million.
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