The U.S. Bankruptcy Court approved, on an interim basis, Furniture Brands’ motion to (i) (a) obtain post-petition financing on a super-priority, senior secured basis, (b) use cash collateral, (c) repay the pre-petition revolver in full; (ii) granting adequate protection to certain pre-petition lenders; (iii) modifying the automatic stay and (iv) scheduling a final hearing. According…

Furniture Brands International filed with the U.S. Bankruptcy Court a motion to approve its key employee incentive plan (KEIP) and key employee retention plan (KERP). The motion explains, “The KEIP provides incentive payments to seven senior management employees, including insiders ( the ‘KEIP participants’), based on two performance metrics: (a) a successful sale or sales…

Ames Department Stores filed with the U.S. Bankruptcy Court a Modified Second Amended Chapter 11 Plan and related Disclosure Statement. According to the Disclosure Statement, “The Plan is a straightforward mechanism for liquidating the Debtors’ Assets. Under the Plan, an initial Distribution will occur on the Effective Date or as soon as practicable thereafter to…

The U.S. Bankruptcy Court approved Maxcom Telecomunicaciones’ Disclosure Statement and concurrently confirmed its First Amended Joint Plan of Reorganization. Under the Plan, subject to the conditions set forth in the recapitalization agreement and the restructuring and support agreement, Maxcom Telecomunicaciones will complete a recapitalization and debt restructuring that is expected to significantly reduce its debt…

Furniture Brands International (fka Interco) and certain of its wholly-owned subsidiaries filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 13-12329. The Company, which designs, manufactures, sources and retails home furnishings, is represented by M. Blake Cleary of Young Conaway Stargatt & Taylor. Furniture Brands International…

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