This morning, Simmons Bedding Co., the second-largest mattress maker in the U.S., filed for Chapter 11 under a restructuring plan in a Delaware Bankruptcy Court.
“Today’s filings are a necessary step toward the successful conclusion of our financial restructuring,” Stephen G. Fendrich, Simmons’ Chief Operating Officer, said in a statement. “We do not anticipate any changes in our daily operations as a result of this filing. Our manufacturing plants will operate as usual and our customers should continue to expect the same great service and quality they have received prior to and during this restructuring process.”
Simmons announced that it would make such a filing in September, when it also announced its agreement to sell itself to Ares Capital Management and the Ontario Teachers’ Pension Plan. Under the plan, Atlanta-based Simmons will slash its debt to about $450 million from $1 billion.
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