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BRIEF-Hollander Sleep Products To Implement Financial Restructuring Through Voluntary Chapter 11 Filing

Published 2019-05-19, 05:49 p/m
© Reuters.  BRIEF-Hollander Sleep Products To Implement Financial Restructuring Through Voluntary Chapter 11 Filing

May 19 (Reuters) -

* HOLLANDER SLEEP PRODUCTS TO IMPLEMENT FINANCIAL RESTRUCTURING THROUGH VOLUNTARY CHAPTER 11 FILING

* HOLLANDER SLEEP PRODUCTS TO IMPLEMENT FINANCIAL RESTRUCTURING THROUGH VOLUNTARY CHAPTER 11 FILING

* HOLLANDER SLEEP PRODUCTS SECURES $28 MILLION NEW MONEY DIP FINANCING FACILITY

* HOLLANDER SLEEP PRODUCTS- SECURED $118 MILLION IN DIP FINANCING, COMPRISING OF $28 MILLION IN INCREMENTAL "NEW MONEY" AND $30 MILLION OF COMMITTED "EXIT" FINANCING

* HOLLANDER SLEEP- CO, ITS PARENT, CERTAIN DIRECT AND INDIRECT SUBSIDIARIES ANNOUNCED THAT IT HAS FILED VOLUNTARY PETITIONS TO RESTRUCTURE UNDER CHAPTER 11

* HOLLANDER SLEEP PRODUCTS SAYS COMPANY FILED A CHAPTER 11 REORGANIZATION PLAN, WHICH IS SUPPORTED BY 100% OF COMPANY'S EXISTING TERM LENDERS

* HOLLANDER SLEEP PRODUCTS SAYS WILL BE RUNNING MARKETING PROCESS TO DETERMINE IF THERE ARE ALTERNATIVE TRANSACTIONS TO ENSURE THAT CO MAXIMIZES VALUE

* HOLLANDER SLEEP- CO'S CANADIAN SUBSIDIARY IS ALSO VOLUNTARILY COMMENCING PARALLEL PROCEEDINGS UNDER COMPANIES' CREDITORS ARRANGEMENT ACT IN CANADA

* HOLLANDER SLEEP PRODUCTS- EXPECTS CHAPTER 11 PROCESS TO LAST APPROXIMATELY FOUR MONTHS

* HOLLANDER SLEEP- CHAPTER 11 REORGANIZATION PLAN TO CONVERT ABOUT $166.5 MILLION OF CURRENT TERM DEBT INTO NEW EQUITY IN REORGANIZED COMPANY

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