Rowe granted approval for sale of substantially all assets

By Caroline Salls

Pittsburgh, Jan. 25 - The Rowe Cos. obtained court approval of the $31 million sale of substantially all of its assets to Sun Capital Partners IV, Inc. affiliate Lexington-Rowe Furniture Inc., according to a Thursday filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.

The purchase price includes $24 million in cash to be paid at closing; the assumption of pre- and post-bankruptcy obligations for any unpaid wages and salary, deferred compensation, holdback obligations, unused vacation and unused sick leave; assumption of post-bankruptcy trade accounts receivable; and expenses remaining in connection with Rowe's restructuring.

No other bids were submitted under the bid procedures, according to the order.

Rowe, a McLean, Va.-based furniture company, filed for bankruptcy on Sept. 18. Its Chapter 11 case number is 06-11142.

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