Simmons extends loan forbearance agreement

By Sara Rosenberg

New York, Nov. 26 - Simmons Co. extended the forbearance agreement under its credit facility to Dec. 10, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

The extension was completed on Nov. 25.

Deutsche Bank is the administrative agent on the deal.

Simmons was not in compliance with some covenants under the facility for the quarter ended Sept. 27 and was unable to secure an amendment to provide a waiver of the events of default before the filing date for its 10-Q.

The company, therefore, sought the forbearance agreement in order to have more time to finalize an amendment.

Simmons is an Atlanta-based manufacturer of bedding products.

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