Serta Owners To Buy Simmons In Ch. 11 Deal

Law360, New York (September 25, 2009, 4:08 PM EDT) -- The board of directors for mattress manufacturer Simmons Bedding Co. has signed off on a restructuring plan that will sell the company to affiliates of Ares Management LLC and the private investment unit of the Ontario Teachers' Pension Plan, in a $760 million deal that will take the company through a prepackaged Chapter 11 filing.

Atlanta-based Simmons Co., which announced the sale of its indirect subsidiary and related companies Friday, said the move would cut its debt from $1 billion to roughly $450 million.

The sale...
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