Furniture Brands International Inc., the maker of Broyhill, Lane and Thomasville home furnishings, won court approval to sell almost all its assets to KPS Capital Partners LP for $280 million, Bloomberg News reported on Saturday. Bankruptcy Judge Christopher Sontchi granted approval of the sale at a hearing today in Wilmington, Delaware, overruling an objection from a shareholder that said a truncated sales process prevented Samson Holding Ltd. from making a competing bid. The furniture maker last week canceled its bankruptcy auction after saying it received no other qualified bids to challenge KPS. The New York-based private-equity firm should close the sale by today.
