US Bankruptcy Court Holds for Serta and Participating Lenders in Uptiering Transaction Dispute

On June 6, 2023, the US Bankruptcy Court for the Southern District of Texas (the “Court”) confirmed Serta Simmons Bedding, LLC’s (“Serta”) Chapter 11 plan and held that Serta’s 2020 uptiering transaction (the “Uptiering Transaction”) did not breach Serta’s 2016 first lien credit agreement (the “Credit Agreement”).

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Mayer Brown, United States bankruptcy court, US District Court for Southern District of Texas
Authors:
Scott Zemser , Brian Trust , Richard A. Spehr , Adam C. Wolk , Michael O. Ware , Joaquin M. C De Baca , Jason S Friedman , Christophe Wassaf
Location:
USA
Firm:
Mayer Brown