Jackson attorney appointed as trustee for United Furniture Industries
NORTH MISSISSIPPI (WCBI) – A Jackson attorney has been appointed as the Chapter 11 trustee for United Furniture Industries.
A federal bankruptcy court judge approved Derek Henderson as trustee. Both United and its creditors approved as well.
This gives United Furniture the chance to sell some it its assets as long as the trustee oversees the transactions.
Wells Fargo Bank requested liquidation of United’s assets in a court filing at the end of December. The bank said United owes $99.21 million in secured debt. That is debt backed by collateral, like buildings or products.
The furniture company closed on November 22. Hundreds of employees were caught off guard with no job and no health insurance.
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