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Mattress Firm reorganization plan confirmed by bankruptcy court
By Susanna Moon
Chicago, Nov. 16 – Mattress Firm, Inc. said it received confirmation for its plan of reorganization from the U.S. Bankruptcy Court for the District of Delaware and expects to emerge from Chapter 11 “in the coming days.”
“We are pleased to receive the court's approval of our plan, which has positioned Mattress Firm to emerge as a stronger and more competitive company, within the 45- to 60-day timeframe we initially targeted,” Steve Stagner, executive chairman, president and chief executive officer of Mattress Firm, said in the press release.
Afterward, the company “will have a strengthened balance sheet, strong liquidity position and an optimized store footprint of approximately 2,600 stores across the country,” the release added.
For information, go to the company's restructuring website at mattressfirm.com/restructuring. Court filings and other documents are available on a separate website administered by the company's claims agent, Epiq (http://dm.epiq11.com/MattressFirm or call 877 214-3592 or 503 520-4465).
A&G Realty Partners is assisting the company with its store closing and lease restructuring program. AlixPartners LLP is the financial adviser, and Guggenheim Securities, LLC is the restructuring adviser.
As reported Oct. 29, the company obtained final court approval to access $250 million in debtor-in-possession financing consisting of a $150 million ABL facility and a $100 million term facility.
Barclays Bank plc is the agent for the three-month ABL facility, which will bear interest at the Base rate plus 175 basis points or Eurodollar plus 275 bps.
Barclays Bank is also the agent for the three-month term facility, which will accrue interest at the Base rate plus 900 bps or Eurodollar plus 1,000 bps.
Mattress Firm, a Houston-based mattress retailer, filed bankruptcy on Oct. 5. The Chapter 11 case number is 18-12241.
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