Moderator: South Korea, please tell us about the latest progress of Simmons' application for bankruptcy protection?
South Korean Department: Simmons announced that they will formally file a bankruptcy protection application with the court. It is expected that Simmons and its subsidiaries will be sold to two private equity funds with a transaction value of approximately $760 million. At present, most of Simmons' bondholders have decided to support this restructuring plan.
Moderator: What is the current financial status of Simmons?
Korean Department: Simmons' current owner, Thomas Lee, was bought in 2003 by Simmons. By 2007, its operating income increased by 26%. However, a financial crisis has made the world's most loved mattresses tighten the wallet, and Simmons has inevitably become another victim of the financial crisis. At present, the company's sales have fallen sharply, and the stock price has also been falling, and Simmons' debt is as high as $1.3 billion. With the decline in sales and the high debt, Simmons had to embark on the road to bankruptcy.
It is expected that bankruptcy reorganization will only cause losses of 575 million US dollars to corporate bondholders. After bankruptcy protection, the company will lay off more than 1,000 employees, which will worsen many employees who are deeply involved in the financial crisis. But it is undeniable that even if applying for bankruptcy and restructuring, Simmons is still very competitive in the market. According to a survey, in March of this year, Simmons brand mattresses still outperformed competitors for 13 consecutive quarters in market share.
Moderator: Do US public opinion think that after Simmons' bankruptcy protection can it be revived?
South Korean Department: At present, many people in the industry are not optimistic. In fact, this is not the first bankruptcy reorganization of Simmons. According to the records of the United States, Simmons has been transferred six times since 1986. In addition, this time, in more than 20 years, Simmons has been bankruptly reorganized seven times because of the high debt. Analysts say that Simmons seems to be caught in a strange circle. Every time you file for bankruptcy protection and change hands, Simmons' market value will increase; but at the same time, new buyers will pay more to the sellers through debts. Investing capital and maintaining the company's operations, after earning enough profits from Simmons, buyers often re-transformed through bankruptcy restructuring.
In 1991, Simmons’ debt was only $16.4 million. To this day, many of the bankruptcy reorganizations of Simmons have owed $1.3 billion, and Thomas Lee, who is about to sell Simmons in 2003, is in 2003. If he buys Simmons, he is expected to benefit more than $70 million from this transaction. This time, taking over Simmons will be a private equity fund, and to what extent they can really pay attention to the future development of this century-old brand, rather than just using it as a tool to make money, it remains to be seen.
Many people have always thought that Simmons is a mattress with a spring inside and a very strong cloth outside. In fact, Simmons is a person's last name, a brand, just because it is so famous that we call the mattress "Si Mengsi":
Zarmon Simmons, a businessman selling furniture in the United States, was the inventor of the world's first soft spring mattress. More than 100 years ago, people all over the world slept on hardwood beds. Many customers complained to Simmons that the bed was too hard. So he began to think hard about how to make everyone sleep better. In 1900, the world's first spring mattress wrapped in cloth was put on the market, which changed people's sleep habits. Everyone named it with the inventor's surname. Simmons also established the spring bed brand with his own name.
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The world's largest mattress business, Mengsi, filed for bankruptcy and feared the second recession
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