Sleep Number Files Chapter 11, Starts Court-Supervised Sale (1)

(Updates with detail from company press release)

Mattress maker Sleep Number Corp. has initiated a Chapter 11 sale process in the U.S. Bankruptcy Court for the District of New York and has entered an agreement to combine with Sleep Country Canada, according to a press release.

• Sleep Country Canada to serve as “stalking horse” bidder in court-supervised sale process
  • Proposed combination with Sleep Country Canada is subject to higher and better offers, Court approval and other closing conditions
• Sleep Number expects to secure up to $260 million of debtor-in-possession financing, including up to $65 million in new financing
• Has been ...