Simmons Bedding Company Obtains Extensions of Current Forbearance Periods

Furniture World News

Simmons Bedding Company, a subsidiary of Simmons Company and a leading manufacturer of premium-branded bedding products, announced that it has reached agreements with the majorities of both its senior bank lenders and holders of its $200.0 million 7.875% senior subordinated notes as required to amend the current forbearance agreements to extend the forbearance periods from May 31, 2009 to June 30, 2009. Both agreements still include an option to further extend their respective forbearance periods through July 31, 2009 under certain conditions. Further, the amendment to the forbearance agreement with Simmons' senior bank lenders is subject to the Company meeting certain conditions by June 8, 2009, including continued progress in its restructuring efforts. As previously disclosed, Simmons is working with key stakeholders to implement a restructuring in a manner that maximizes value, preserves its relationships with customers and protects suppliers and other constituents. About Simmons Bedding Company: Atlanta-based Simmons Bedding Company is one of the world's largest mattress manufacturers, manufacturing and marketing a broad range of products including Beautyrest(R), Beautyrest Black(R), Beautyrest Studio(TM), BeautySleep(R), ComforPedic by Simmons(TM), Natural Care(R), Beautyrest Beginnings(TM) and Deep Sleep(R). Simmons Bedding operates 19 conventional bedding manufacturing facilities and two juvenile bedding manufacturing facilities across the United States, Canada and Puerto Rico. Simmons Bedding also serves as a key supplier of beds to many of the world's leading hotel groups and resort properties. Simmons Bedding is committed to developing superior mattresses and promoting a higher quality sleep for consumers around the world. For more information, visit the Company's website at www.simmons.com.