Mattress Firm’s plan of reorganization has been confirmed by the U.S. Bankruptcy Court in Delaware. Subsequently, Mattress Firm expects to complete its restructuring and emerge from Chapter 11 in the coming days.
Mattress Firm and its subsidiaries filed voluntary Chapter 11 restructuring cases in the U.S. Bankruptcy Court in Delaware to implement a prepackaged plan of reorganization.
Reuters reported Steinhoff International’s Asia Pacific unit is trying to distance itself from its South African parent company, which has been hit by a major accounting scandal.
Mattress Firm, a specialty mattress retailer, entered into a new up to $225 million senior secured asset-based revolving credit facility. Barclays acted as administrative agent, sole book runner and sole lead arranger for the transaction.
Mattress Firm Holding completed its acquisition of Sleepy’s and entered into an amended $865 million senior credit facility arranged by Barclays Bank, J.P. Morgan Securities, Merrill Lynch and Wells Fargo Securities.