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Stock impact report

Stanley Furniture to sell virtually all assets in cash and debt deal [MarketWatch]

HG HOLDINGS INC (STLY) 
Company Research Source: MarketWatch
Stanley Furniture to sell virtually all assets in cash and debt deal Stanley Furniture Co. Inc. STLY, +3.92% said late Monday it has agreed to sell virtually all of its assets to Churchill Downs LLC for $11.5 million in cash, a $4.6 million subordinated secured promissory note of the buyer, and a 5% equity interest in Churchill Downs' post-closing parent company. The buyer would also assume all of Stanley's liabilities, Stanley said in a statement. Stanley would get to keep a few assets, including $1.5 million in cash and any remaining payments under an anti-dumping act. Churchill Downs is a Delaware limited liability company formed by Walter Blocker, the chairman of Vietnam Trade Alliance in Ho Chi Minh City, Vietnam, to acquire the Stanley assets, according to the statement. The asset sale, expected to close in the first quarter of 2018, is subject to shareholder approval and to the buyer securing financing. Stanley shares were halted in the late session after ending the regular Show less Read more
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