Serta Simmons Bedding has completed its financial restructuring and emerged from chapter 11 five months after filing for protection under the U.S. Bankruptcy Code in January, Furniture Today reported. The bankruptcy court ruled earlier this month that the company’s plan could move forward. At the time of its filing, the Serta Simmons included a plan to emerge quickly with financing in place. As part of the go-forward plan, the company has put together a board of directors that includes a familiar bedding executive: former chairman and CEO of Simmons Bedding, Charlie Eitel. Mark Genender, managing partner of Bristol Growth Capital and also an alum of the Simmons board, has been appointed chairman. Other members of the board include current CEO Shelley Huff and Brandi Thomas, group vice president and chief audit executive for General Electric, both of whom were already board members. Under the plan, the company says it has “ample liquidity and a more flexible capital structure” to execute its turnaround plan. Through the bankruptcy process, Serta Simmons reduced its debt from $1.9 billion to $315 million, lowering its annual interest expense by more than $100 million. In addition, the company has secured a $100 million revolving credit facility.
