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FILING PROPOSED PROCUREMENT INCLUDES THROUGH BLUE Torch FUNDING

, / PRNewswire / – Corsicana Mattress Company and some of its affiliated entities filed for voluntary reorganization today under Chapter 11 of the U.S. Bankruptcy Code in the North Texas District of Fort Worth. The filing revealed that Corsicana will be filing a proposed asset purchase agreement with affiliates of Blue Torch Finance, LLC to acquire the Company’s assets through a court – supervised auction and sale process under section 363 of the Bankruptcy Code. The proposed transaction is subject to the approval of the Court.

For the proposed sale transaction, Corsicana has secured a debtor financing held by Blue Torch. Upon approval by the Court, it is hoped that the new funding, together with monies generated from the Company’s continuing operations, will enable the mattress company to continue as normal and continue to maintain its high standards of quality and service. customer. The Company has sought approval to replace employees’ pay and to continue with certain benefit programs approved by the Court without interruption.

“The Chapter 11 process enables Corsicana to accelerate its refocus on core customers, renegotiate agreements, make our organization fair and drive greater efficiency in all aspects of our operations,” said CEO Eric Rhea . “Our core commitment is to serve our valued customers seamlessly, maintain partnerships with leading suppliers and work with integrity. As a result, we will deliver high quality coastline sleep products to everyday Americans, handmade in the USA along the way. best possible price – ensuring Corsicana’s business remains strong for another 50 years. “

For more information on the Corsicana Chapter 11 case, please visit www.donlinrecano.com/corsicana.

Founded in 1971 in Corsicana, Texas, Corsicana Mattress operates ten factories nationwide and is now one of the largest manufacturers in the mattress industry. The Company offers a full range of promotional and step-up products featuring the latest in sleep technology, including interior models, memory foam and hybrid. The Company also has mattress-in-box programs that simplify delivery. In 2021, Corsicana acquired Richmond-based Richmond-based Symbol Mattress, creating the largest manufacturing organization in the country that caters to consumers looking to buy mattresses for less than $ 3,000. Corsicana leverages its national manufacturing presence to provide industry-leading quality, value, delivery and customer service. To learn more, visit https://www.corsicanamattress.com.

Contact: Kimberley Wray, [email protected]

SOURCE Corsicana mattress company

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