The bedding giant Simmons filed for bankruptcy protection under Chapter 11 of the Bankruptcy Law and proposed a restructuring plan. This bankruptcy application does not include the subsidiary of Simmons Bedding in Canada and Puerto Rico. According to the plan, according to the plan, Simmons Bedding and its subsidiaries will operate as usual during the application for bankruptcy protection, and the company will pay the borrowers and salaries to its sellers, suppliers, senior bank creditors and company employees. Simmons Bedding said it hopes to complete the program within 60 days. Under the restructuring plan, Simmons Bedding and its subsidiaries in the US and overseas will be taken over by the renowned bedding brand Serta owner AresManagement and Teachers' Private Capital. The receiver said that it is intended to create Simmons and Shuda as two independent brands. According to Simmons, the restructuring plan and related transactions can reduce its total debt of approximately $1 billion to approximately 450 million, and the company's revenue and expenditure will be improved and financial flexibility will be enhanced. “Applying for bankruptcy protection today is a necessary step for a successful asset restructuring,†said Steve Fendrich, president of Simmons. “We don’t expect it to make any changes to the company’s day-to-day operations. During the restructuring, our manufacturing plants will continue to operate as usual. In operation, consumers can still enjoy the high-quality services and high-quality products before the reorganization.†After the creditors and note holders successfully completed the bidding, the company submitted the bankruptcy protection application. Simmons said that all of its senior creditors agreed to the proposal, 94.5% of the holders of senior subordinate notes with 7.875% of the company's assets agreed, and 98.8% of the holders of discounted notes with 10% of the company's assets. He expressed support. The application for bankruptcy protection under Chapter 11 of the Bankruptcy Law has been filed with the US Bankruptcy Court for the District of Delaware. According to court documents, Simmons’ top 20 unsecured trade creditors have arrears of more than $12.6 million. According to the restructuring plan of Simmons, these debts will be fully paid off. Simmons' largest unsecured trade creditor is Leggett & Platt, which is subject to arrears of $3.79 million. Behind it is the sponge supplier Foamex, which owes a debt of $1.39 million. The South American mattress manufacturer International Mattress has a debt arrears of $1.24 million, and the sponge supplier Future Sponge has a balance of $1.08 million in three or four. Other major unsecured trade creditors and their arrears are: Davis Wire, $579,454; Hanes Converting, $574,889; Louisville Bedding, $53,088,000; Vita Nonwovens, $371,04,000; Global Textile Alliance, 359,909,000 US dollar; DuPont, $343,374; Barrettewood USA, $327,534; Polymer Group, $321,813; Bekaert Textiles, $287,770; Ashley Furniture, $279,608; Flexible Foam Products, $27,992; Culp Inc., $24,433,000 US Dollar; Creative Vinyl/Fabrics, $225,548; FFKR Architects, $190,920; Latex International, $186,540; Mid South Extrusion, $172,263; King Kamehameh Inc., $167,731.
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