Former Furniture Brands' property sale OK'd, plan exclusivity extended

By Caroline Salls

Pittsburgh, Jan. 6 - FBI Wind Down, Inc., formerly Furniture Brands International, received court approval of the $3 million private sale of debtor LHFR Wind Down, Inc.'s Roble Road property in Allentown, Pa., to Roble Street Realty Inc., according to a Jan. 6 filing with the U.S. Bankruptcy Court for the District of Delaware.

FBI Wind Down said the seller has leased the property to Ice River Springs USA, Inc. under an office-warehouse lease agreement since 2012.

The lease contains a purchase option under which the tenant can purchase the property anytime after the 12th month of the agreement for $3 million.

According to the motion, Ice River Springs is exercising that option. Roble Street Realty is a related entity of the tenant.

In addition, the court extended FBI Wind Down's exclusive period for filing a Chapter 11 plan through April 22 and its exclusive plan vote solicitation period through June 23, 2014, according to a separate Monday filing.

Furniture Brands, a St. Louis-based designer, manufacturer and retailer of home furnishings, filed for bankruptcy on Sept. 9. The Chapter 11 case number is 13-12329.

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