Oaktree Agrees to Purchase Almost All of Furniture Brands
September 13, 2013
Oaktree Capital Management has agreed to buy substantially all of the assets of Furniture Brands International (OTC: FBNI), with the exception of the company’s Lane business, as part of a Chapter 11 process. Oaktree has also committed $140 million in debtor-in-possession financing, including $50 million of new liquidity. Furniture Brands designs, manufactures, sources and retails home furnishings. Other bidders may enter the sales process, the company said.