WILMINGTON, Del. – KPS Capital Partners’ $280 million stalking horse bid for bankrupt Furniture Brands International was the only qualified bidder, the U.S. Bankruptcy Court of Delaware said on Wednesday.
The sale must receive court approval, which could happen Friday.
Samson Holding, the largest shareholder of Furniture Brands International, did not submit a bid for Furniture Brands before the deadline, despite indicating earlier this month it would.
Samson had said it would make a bid “with terms that are the same or better than” KPS’ offer.
But, Furniture Brands received permission to move the deadline by two weeks, in what some speculate were efforts to deny Samson Holding an opportunity to make a bid.