Serta Simmons Bedding has filed a pre-arranged bankruptcy though it says business fundamentals remain strong despite financial challenges from a slumping mattress industry.
Serta Simmons has been trying to right size its capital structure since 2019. It received a $200 million new money loan in 2020 as part of a refinancing agreement to weather the onset of the coronavirus pandemic, but faced additional challenges, including two lawsuits for alleged breaches of loan agreements relating to that 2020 transaction.
"The company’s ability to restructure its balance sheet and emerge from chapter 11 is inextricably tied to the resolution of the disputes raised in the 2020 transaction litigation," Linker said.
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