Bloomberg Law
Sept. 7, 2022, 12:00 PM UTC

DISTRESSED DAILY: All of Serta Simmons Debt Matures in 2023

Erin Hudson

Serta Simmons Bedding faces $2.2 billion in debt maturing in less than a year, increasing the odds of a financial restructuring or a bankruptcy filing amid the company’s ongoing struggles.

The Atlanta-based mattress maker and marketer saw sales fall nearly 13% in the second quarter of the year, according to a <-bsp-bb-link state="{"bbDocId":"RHI2T26QRTHC","_id":"00000183-17d4-da0b-a1a3-b7fd4a1d0000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">note by S&P Global Ratings. It has about $345 million in cash on hand, and its entire debt load of more than $2 billion matures in 2023.

Analysts only see demand sliding further as the housing market slows and a faltering economy pushes would-be customers to delay purchases, S&P’s ...

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