Furniture Brands aims to sell corporate jet for $2.6 million
October 22, 2013-- Furniture Today,
WILMINGTON, Del. — Furniture Brands International is asking the bankruptcy court here to approve a $2.6 million sale of its Hawker 800XP corporate jet to Carolina Turbine Sales. (Click here to read all our Furniture Brands International coverage.)
FBI filed for Chapter 11 bankruptcy protection on Sept. 9. An auction for the company's assets will take place on Dec. 10 with bids due by Dec. 5.
Netjets, which marketed FBI's corporate jet, describes the model on its website as having a mid-size cabin and seating for eight passengers. "One of the most popular business jets in its class, it's often likened to a spacious conference room in the sky," the website says.
Since 2003, FBI has utilized the aircraft as its corporate jet and it is listed in court documents as being owned by FBI's Action Transport. In 2010, it was damaged in a hangar accident, but has since been repaired.
The Carolina Turbine offer requires the purchase and sale agreement to be signed by Oct. 31.
CEO Ralph Scozzafava was allowed use of the plane as a personal travel benefit, according to company filings with the Securities and Exchange Commission. From 2008 through 2012, the benefit cost Furniture Brands more than $389,000, the documents indicate.
Related Content By Author
Most Viewed Articles
FT's Cindy Hodnett gets a company update from Natuzzi's Ed Teplitz