Simmons implements debt agreement
Says restructuring is on track
Furniture Today Staff -- Furniture Today, February 10, 2009
ATLANTA — A group that holds the majority of $200 million in senior subordinated notes at bedding major Simmons Co. has decided to implement a forbearance agreement that was approved by the group on Feb. 5.
The company and the group have agreed to not seek approval from the remaining note holders, and have opted to make the agreement effective immediately, the company said.
The agreement expires March 31. The company, which is trying to restructure its debt, has a separate forbearance agreement covering a $465 million term loan and a $75 million revolving credit line that also expires March 31.
Simmons missed a $7.9 million interest payment on the senior subordinated notes last month.
"Our restructuring is progressing as planned and we look forward to its completion," said Steve Fendrich, president and chief operating officer.
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Simmons reaches debt agreement
Feb 16, 2009 -
Simmons reaches accord on debt
Feb 6, 2009 -
Simmons wins extension on debt
Dec 10, 2008 -
Simmons extends forbearance period to Aug. 14
Jun 30, 2009 -
Simmons extends debt agreement
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