A bankruptcy judge will rule on Wednesday on whether to approve the chapter 11 protection motion of United Furniture Industries Inc., the Winston-Salem (N.C.) Journal reported. Bankruptcy Judge Selene Maddox conducted a hearing on Friday on United Furniture's chapter 11 motion which would focus foremost on how the sale of its assets would be handled. Judge Maddox chose not to address the chapter 7 liquidating motion filed on Jan. 6 by Wells Fargo & Co., United Furniture's largest creditor. Judge Maddox took Friday's presentations "under advisement," pending issuing a bench ruling at 4 p.m. on Wednesday. Judge Maddox also chose to reset Wells Fargo's motion for an interim bankruptcy trustee pending a ruling on the United Furniture motion. The United Furniture motions are the company's first formal legal response since it unexpectedly shut down on Nov. 22.
