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1-800-Mattress Secures DIP Financing From Sleepy's

Law360 (March 31, 2009, 12:00 AM EDT) -- A federal bankruptcy court has signed off on Dial-A-Mattress International Ltd.'s application for debtor-in-possession financing from a subsidiary of Sleepy's Holdings LLC, a fellow mattress retailer seeking to buy the company.

The U.S. Bankruptcy Court for the Eastern District of New York approved the move on Tuesday, along with other first-day motions filed by the mattress merchant — better known by the name of its primary retailer, 1-800-Mattress Corp. — in its Chapter 11 bankruptcy proceedings.

Less than a week after three creditors petitioned to liquidate...
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