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Furniture Brands ordered to set up utility accounts

Lane Furniture Industries (David Chimahusky)
Lane Furniture Industries (David Chimahusky)
Reported by: Mel Carlock
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Updated: 10/02/2013 1:35 pm
TUPELO, Miss. (WTVA) -- A federal bankruptcy judge has ordered Furniture Brands International to put $990,000 in escrow accounts to pay for utility services provided to the companies facilities.

The order was signed during a hearing in U. S. Bankruptcy Court in Wilimington, Delaware Wednesday.

Accounts will be set up for each individual utility affected.

They include Tombigbee Electric Power Association ($200,000), the Okolona Electric Department ($31,000), Tupelo Water and Light Department ($2,700) and Lee County ($2,500).

The escrow accounts must remain at a minimum level of $990,000.

Furniture Brands will only use the escrow accounts in the event they are deliquent on paying current utility bills.

The order gives Tombigbee, Tupelo, Okolona and Lee County permission to terminate services if Furniture Brands is deliquent and doesn't take steps to resolve the bills in a timely fashion.
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