Russia Sanctions Stall KKR Mattress Firm’s Transfer to Creditors

Sanctions against Moscow are delaying the sale of Hilding Anders’ Russian-based business and holding up a planned creditor takeover of the KKR & Co.-owned bedding and mattress company.

The Swedish mattress maker moved to dispose of Askona, a venture in which it a owns a 73% equity stake, after a restructuring agreement approved by a UK court last July. The sale was due to close around now, according to people familiar with the matter, who spoke to Bloomberg on the condition of anonymity. The company has told creditors that the disposal has been agreed, but that payments will ...