Wall Street Giants Clash with Serta Over Restructuring Plan (1)

After four months sparring in bankruptcy court, Serta Simmons Bedding LLC and its snubbed lenders had a final standoff on Thursday as the company asked a federal judge to approve its restructuring plan.

The mattress seller’s proposed plan to exit bankruptcy has met stiff resistance from some of its lenders, including Apollo Global Management and Angelo Gordon & Co., who claim a now-infamous refinancing deal in 2020 unfairly pushed them back in the repayment line.

“We’re almost nearing a three-year anniversary of this transaction,” Gregg Costa, a lawyer with Gibson Dunn & Crutcher who represents lenders that benefitted ...