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More details emerge in Furniture Brands bankruptcy

Lane Furniture Industries (David Chimahusky)
Lane Furniture Industries (David Chimahusky)
Reported by: Mel Carlock
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Updated: 9/10/2013 3:48 pm
ST. LOUIS, Mo. (WTVA) -- More details have emerged in Furniture Brands International's Chapter 11 Bankruptcy filing Monday.

The court documents show FBI lists $546.7 million in assets and $550 million in debt.

The list of credits filed by the company is 1,767 pages long and includes businesses, churches, educational institutions, government agencies and individuals.

Included among those is the North Mississippi Medical Center, Itawamba Community College and Mississippi State University.

Following the announcement Monday, the company's stock dropped below 20 cents per share, but by close of day Tuesday were sitting at 33 cents per share.

In a filing Tuesday with the Securities Exchange Commission, Furniture Brands officials say they do not expect to be able to distribute any money from the sale of the some company's assets to Oaktree and the seperate sale of Lane with shareholders.

The company says it believes it shares of common stock to be worthless.

In the bancruptcy petition, Furniture Brands says there are over 8 million shares of common stock held by 1,038 shareholders.

The company markets brands under the Lane, Broyhill, Thomasville, HDM, Laneventure, and Maitland-Smith brands.

Action Transport, Broyhill Transport and HDM Transport are also part of the assets being sold.

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