Jennifer Convertibles Eases Into Ch. 11

Law360, New York (July 19, 2010, 6:32 PM EDT) -- Home furnishings purveyor Jennifer Convertibles Inc. has filed for Chapter 11 bankruptcy protection and announced an agreement with foreign supplier Haining Mengnu Co. Ltd. Group to convert a portion of its prepetition debt into common equity of the company so it can remain in business.

In a petition lodged Sunday with the U.S. District Court for the Southern District of New York, Jennifer and its subsidiaries listed $26 million in assets and nearly $50 million in debts, and cited a lack of liquidity as the chief...
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