Simmons said today that the bankruptcy and reorganization plan has been approved by the court, which has further promoted its merger and acquisition process by AresManagement and Ontario Teachers' Pension Plan. The company said that the decision made by the US District Bankruptcy Court in Delaware represents Simmons has cleared the last obstacle since the reorganization plan was announced last May. Ares Management and the Ontario Group also acquired Shuda, a bedding manufacturer, at the same time. The purchaser's officials expressed the hope that the merger of Simmons will be promoted as soon as possible. "Since we first announced our intention to acquire the company in September last year, we have become more convinced of Simmons' prestigious brand, innovative products, strong and experienced management team, and the solid industry foundation we are looking for," Ares Management Senior partner Bennett Rosenthal said, "Throughout the entire process, through contact with the main holders and cooperation with the management team, we have been full of ambition for the company's future positioning and development." Erol Uzumeri, senior vice president of Teachers' Private Capital, an affiliate of Ontario Teachers, said: "This process confirms to us that Simmons bedding is the company we have been looking for: its capabilities in management and strong franchise have been fully verified. Measured by our core investment standards, the company ’s historical performance is excellent, and with the formation of a new capital structure, we firmly believe that this investment will bring huge returns to us and other owners-now And it will be. " Simmons Chairman Steve Fendrich said that the approval of the court further validated the feasibility of our plan, which will also open a better future for our company, employees, all suppliers and customers. "
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Simmons said it expects to complete the bankruptcy and handover matters around January 20.