Furniture Brands accelerates bid deadline to Nov. 20
November 7, 2013-- Furniture Today,
WILMINGTON, Del. — Furniture Brands International is accelerating the sale of its assets, moving the bid deadline to Nov. 20 from the original Dec. 5 date, according to a U.S. Bankruptcy Court filing.
The filing on Tuesday came four days after a potential new bidder, Samson Holding, said it intended to make an offer for the assets of FBI, the owner of Broyhill, Lane, Thomasville and several other brands.
According to the new deadline, bids will have to be filed by 9 a.m. Nov. 20 and an auction will take place at 10 a.m. Nov. 21, with the sale hearing to close a deal on Nov. 22. Under the previous schedule, the bid deadline was Dec. 5 with an auction set for Dec. 10.
Furniture Brands said in a statement that it filed a motion requesting an acceleration of the asset sale process, which the court approved.
"The company believes the accelerated timing will improve the recovery, minimize the costs associated with the restructuring, and provide greater certainty to all stakeholders," the statement said.
Samson, the Hong Kong-based owner of U.S. furniture sources Universal Furniture, Legacy Classic and Craftmaster, said in a filing with the U.S. Securities and Exchange Commission that it intended to place a bid on FBI's assets by the Dec. 5 date. It said it intended to submit a bid to purchase the company and its subsidiaries with terms that are ‘the same or better than those" of stalking horse bidder KPS Capital Partners.
In late September, KPS emerged as the stalking horse bidder, exceeding an earlier bid by Oaktree Capital Management that was originally backed by FBI. The KPS bid of $280 million was $20 million higher than Oaktree's bid.
Samson officials could not immediately be reached for comment on whether the new deadline would affect the company's potential bid.
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