Hollander Sleep Products and parent Dream Ⅱ Holdings LLC filed Ch. 11 restructuring petitions May 19. The largest producer of utility bedding products in North America made the filing in the United States Bankruptcy Court for the Southern District of New York. The company's Canadian subsidiary is also voluntarily commencing parallel proceedings under the companies' Creditors Arrangement Act in Canada. According to HTT's most recent Supplier Giants ranking, Hollander is the third largest supplier of home textiles to the US market with estimated 2018 wholesale volume of $605 million. To fund the operations while in Chapter 11, the company secured $118 million in debtor-in-possession financing (DIP), comprised of $28 million in incremental "new money" and an additional $30 million of committed "exit" financing to support a full range of business improvement initiatives once the company exits from bankruptcy.
展开▼
