Stanley Furniture prepays $15 million outstanding on Prudential note

By Toni Weeks

San Diego, Dec. 16 - Stanley Furniture Company, Inc. said it has prepaid in full its outstanding debt under its note agreement with Prudential Insurance Co. of America and other lenders. The amount prepaid was $15 million plus accrued interest.

In connection with the prepayment, the lenders agreed to waive the prepayment penalty.

Stanley reported that cash on hand after the debt prepayment was $19 million.

The company also announced that it expects to receive $2.3 million by year-end for the sale of machinery and equipment no longer needed as a result of the decision to cease manufacturing at the Stanleytown, Va. facility.

Stanley makes residential wood furniture and is based in Stanleytown, Va.

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