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Article: Sleepy's Closes Dial-a-Mattress.(Brief article)
- Article from:
- Mergers & Acquisitions Report
- Article date:
- August 24, 2009
- Author:
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Jonathan Marino
Dial-A-Mattress Operating Corp. assets were sold for $25 million to NewCo Holdings, a Sleepy's entity.
The sale represented a recovery of 80% for Dial-A-Mattress' creditors. The sale was expected; as NewCo Holdings submitted a stalking horse bid for the bankrupt bedding maker in March. Trenwith Securities represented the debtors in the transaction; five bidders bid through seven rounds of an auction to leave Dial-A-Mattress the winner with $25 million.
Because, ultimately, Sleepy's wound up taking only the intellectual property of Dial-A-Mattress, the process shed other bidders throughout the rounds who had also ...