Federal regulators approve Simmons sales
Bedding major now seeking votes from creditors in favor of sale
Furniture Today Staff -- Furniture Today, October 30, 2009
ATLANTA — Federal regulators have given antitrust clearance to the proposed Simmons sale, the company announced Thursday.
The Federal Trade Commission granted early clearance under the Hart-Scott-Rodino antitrust regulations to the purchase of Simmons by Ares Management and the Ontario Teachers Pension Plan, which also are the owners of fellow bedding major Serta.
Simmons is seeking votes from its creditors in favor of the sale, and expects to file a prepackaged Chapter 11 bankruptcy plan to pave way for the deal. Votes from creditors must be received by Nov. 12, the company said.
Simmons announced in early October that Ares and the Ontario Teachers group had agreed to acquire the company for total consideration of about $760 million. The company said the deal will enable it to cut its total indebtedness from about $1 billion to $450 million.
Simmons would continue to operate as a separate company, officials said.
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Federal regulators approve Simmons sale
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