Former Furniture Brands liquidation plan OK’d by majority of claimants

By Kali Hays

New York, July 10 – A majority of voting creditors are in favor of the amended joint plan of liquidation of FBI Wind Down, Inc., formerly Furniture Brands International, Inc., according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The breakdown of votes is as follows:

• The plan was unanimously accepted by 26 holders of $300.08 million in general unsecured claims, 63 holders of $117,050 in class 5B convenience claims, 165 holders of $520,202 in class 5C convenience claims, six holders of $297.93 million in class 4F general unsecured claims and three holders of $12,726 in class 5F convenience claims;

• A total of 122 holders of class 4A general unsecured claims totaling $327,697,075 voted in favor of the plan, while one holder totaling $75,343 rejected the plan;

• A total of 91 holders of class 5A convenience claims equaling $381,798 voted in favor of the plan, while 3 holders equaling $5,470 rejected the plan;

• A total of 64 holders of class 4C general unsecured claims equaling $309,213,842 voted in favor of the plan, while two holders equaling $148,395 rejected the plan;

• A total of 74 holders of class 4D general unsecured claims equaling $305,227,769 voted in favor of the plan, while one holder equaling $20,000 rejected the plan;

• A total of 164 holders of class 5D convenience claims equaling $563,939 voted in favor of the plan, while two holders equaling $403 rejected the plan;

• A total of 48 holders of class 4E general unsecured claims equaling $300,944,759 voted in favor of the plan, while one holder equaling $116,000 rejected the plan; and

• A total of 170 holders of class 5E convenience claims equaling $501,036 voted in favor of the plan, while four holders equaling $15,764 rejected the plan.

A hearing to confirm the liquidation plan is scheduled for July 14.

Furniture Brands, a St. Louis-based designer, manufacturer and retailer of home furnishings, filed for bankruptcy on Sept. 9, 2013. The Chapter 11 case number is 13-12329.

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