Brief: Stanley Furniture announces agreement to sell substantially all of its assets

HG Holdings

20/11/2017 21:45

Nov 20 (Reuters) - Stanley Furniture Company Inc  STLY.O : 
    * Stanley Furniture announces agreement to sell 
substantially all 
of its assets 
    * Stanley Furniture Company Inc - company does not intend 
to 
liquidate following closing of transaction 
    * Stanley Furniture Company Inc - has entered into an 
agreement 
to sell substantially all of its assets to Churchill Downs Llc 
    * Stanley Furniture - deal for $11.5 million in cash, $4.6 
million subordinated secured promissory note of buyer, 5 % 
equity interest in buyer's post-closing parent co 
    * Stanley Furniture Company Inc - Stanley also announced 
that its 
board of directors elected Steven A. Hale II as chairman of 
board 
    * Stanley Furniture Company - upon signing of agreement, 
buyer 
delivered into escrow a $750,000 deposit towards $11.5 million 
cash consideration for sale 
    * Stanley - if buyer unable to obtain financing or 
agreement is 
terminated for certain other reasons, co entitled to receive 
deposit as termination fee 
 
Source text for Eikon:  ID:nGNXOHBVMa  
Further company coverage:  STLY.O  
 
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