Simmons extends debt agreements
Staff -- Furniture Today, March 30, 2009
Atlanta — Simmons said it has reached agreements with the majority of its senior bank lenders and holders of $200 million in senior subordinated notes to extend their current forbearance periods to May 31.
Both agreements include an option to further extend the forbearance periods through July 31 under certain conditions.
The extensions give the bedding major additional time to seek new capital while it undergoes an organized financial restructuring of its balance sheet, company officials said. Simmons is working with key stakeholders on a restructuring that will maximize its value, preserve its relationships with customers, and protect suppliers and other constituents, the company said.
"We appreciate the confidence and support that our lenders and note holders have demonstrated by extending these agreements with us," said Steve Fendrich, president and chief operating officer. "Our goal is to maintain smooth day-to-day operation of the business through the restructuring process and beyond."
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Simmons extends debt agreement
Mar 23, 2009
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