Serta Simmons Gets Approval to Seek Votes on Bankruptcy Plan

Mattress maker Serta Simmons Bedding LLC won court approval to seek creditor votes on its proposed bankruptcy plan after resolving objections from some lenders.

• US Bankruptcy Judge David Jones on Thursday conditionally approved the plan, which aims to reduce the company’s debt load to $315 million from $1.9 billion
  • Under the plan, non-priority lenders are poised to get back at the most 2.4% in recovered funds
• “People can disagree with the path” but it does lay it out, Jones said during the hearing. “The transparency’s beyond the level that I wanted.”
• The case is Serta Simmons Bedding LLC, 23-90020, ...