Bush Industries exits bankruptcy

Wood & Wood Products, Dec, 2004

RTA furniture manufacturer Bush Ind. of Jamestown, NY, has emerged from Chapter 11 bankruptcy. Under the company's plan of reorganization, Bush is now privately owned by a group led by DDJ Capital Management LLC and JPMorgan Chase Bank. Bush filed for bankruptcy on March 31.

"This is a great day for the employees, customers and vendors of Bush Industries," said Michael Buenzow, senior managing director of FTI Consulting, who is currently serving as interim CEO of Bush Ind. "In a relatively short period of time, we successfully completed the reorganization process. We secured new financing, and significantly reduced our bank debt, operating costs and interest expense. We are extremely happy for all of our employees and their families. As a result of cooperatively working together with our customers, suppliers and creditors, we have solidified the long-term viability of the company and have saved 2,600 jobs, 1,500 of which are in Jamestown, NY, and Erie, PA."