Simmons Bedding misses $7.9 million interest payment on 7 7/8% notes

By Caroline Salls

Pittsburgh, July 16 - Simmons Bedding Co. did not make the $7.9 million interest payment due July 15 on its $200 million of 7 7/8% senior subordinated notes, according to a company news release.

Simmons said its failure to make the interest payment is covered under a forbearance agreement with the majority of holders of the outstanding notes, which expires on Aug. 14.

The company has roughly $62 million of cash on hand as of July 14, which is available to pay operating costs and expenses, the release said.

Simmons is an Atlanta-based mattress manufacturer.

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