New York, NY--
Paul Hastings LLP, a leading global law firm, is representing Furniture Brands International (NYSE: FBN), a world leader in designing, manufacturing, sourcing and retailing home furnishings, in connection with voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. In conjunction with the filing, Furniture Brands is pursuing a sale process under Section 363 of the Bankruptcy Code, and has entered into an asset purchase agreement with affiliates of funds managed by Oaktree Capital Management, which it intends to submit to the Court.
Furniture Brands also announced that it has received a commitment from Oaktree for
$140 million in Debtor-in-Possession (DIP) financing, including $50 million of new liquidity.The new facility, which is subject to court approval, will enable the Company to operate business uninterrupted and continue to meet its financial obligations. For more information please see the company website (link).
Bankruptcy and Restructuring partners Leslie Plaskon
and Luc Despins
are leading the Paul Hastings team, which also includes Private Equity partner Amit Mehta
, Employment partner Mark Poerio
, Tax partner Philip Marzetti
, Restructuring of counsels James Grogan
, Marc Carme
l, and Robert Winter
; Leveraged Finance of counsel Sanjay Thapar
; and associates Christopher Fong
, Alexander Bongartz
, Michelle Yetter
, Mitchell Zuckerman
, Joydeep Dasmunshi
, Sean Honeywill
, and Oscar Saunders
Furniture Brands International (OTC: FBNI) is a world leader in designing, manufacturing, sourcing and retailing home furnishings. Furniture Brands markets products through a wide range of channels, including company owned Thomasville retail stores and through interior designers, multiline/ independent retailers and mass merchant stores. Furniture Brands serves its customers through some of the best known and most respected brands in the furniture industry, including Thomasville, Broyhill, Lane, Drexel Heritage, Henredon, Pearson, Hickory Chair, Lane Venture, Maitland-Smith and LaBarge. Paul Hastings LLP is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.