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Stock impact report

Stanley Furniture Announces Closing of Sale of Substantially All of Its Assets

HG HOLDINGS INC (STLY) 
Company Research Source: GlobeNewswire
HIGH POINT, N.C., March 02, 2018 (GLOBE NEWSWIRE) -- Stanley Furniture Company, Inc. (Nasdaq:STLY) announced today that on March 2, 2018, its stockholders approved the previously announced sale of substantially all of its assets to Churchill Downs LLC (“Buyer”), and the Company consummated the sale transaction pursuant to the terms of the asset purchase agreement dated November 20, 2017, as amended on January 22, 2018.  The purchase price consisted of approximately $10.8 million in cash, a subordinated promissory note in the principal amount of approximately $7.4 million, and a 5% equity interest in Buyer’s post-closing ultimate parent company. The Buyer also assumed substantially all the Company’s liabilities.  The Company retained certain assets, including cash of approximately $0.8 million (approximately $0.6 million of which is restricted cash), net operating loss carryforwards, and any remaining payments under the Continued Dumping and Subsidy Offset Act. The Company used cash Show less Read more
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