Simmons reaches accord on debt
Mattress producer still working on financial restructuring
Furniture Today Staff -- Furniture Today, February 6, 2009
ATLANTA — Bedding major Simmons said it has extended its forbearance agreement with a key group of its lenders until March 31.
The forbearance period is intended to provide the company with time to reduce the leverage on its balance sheet through an organized financial restructuring, Simmons said.
Simmons said a committee of holders of its $200 million in 7.785% senior subordinated notes approved the new agreement. Members of the committee hold 60% of the notes, and the group is pursuing approval from additional note holders to make the forbearance agreement effective, Simmons said.
"Simmons continues to make progress working with its various financial stakeholders to design and implement a balance sheet restructuring," said company President Steve Fendrich. "We have the support of our vendors and we continue to provide our customers with the same level of quality and service that they have come to expect from us."
Simmons reached an agreement with its senior bank lenders in December to extend their forbearance period to March 31.
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Simmons extends forbearance period to Aug. 14
Jun 30, 2009 -
Simmons extends debt agreement
Mar 23, 2009 -
Simmons Co. misses $7.9 million interest payment
Jan 16, 2009 -
Simmons wins extension on debt
Dec 10, 2008
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