Sleep Innovations to Emerge from Ch. 11
Staff Staff -- Furniture Today, December 15, 2008
Memory foam sleep products producer Sleep Innovations has filed its reorganization plan and is on track to emerge from Chapter 11 bankruptcy in the middle of the first quarter 2009, the company announced last week.
The manufacturer said it will come out of bankruptcy without having used all of the Debtor in Possession financing it had available. Sleep Innovations filed for bankruptcy in early October.
In addition, company founder Michael Fux will return to 12-year-old Sleep Innovations as ceo upon its emergence. Fux sold the company in 2005 to private equity firm Catterton Partners. He will become part owner and provide additional liquidity as the Sleep Innovations emerges.
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