The judge presiding over Serta Simmons Bedding LLC’s chapter 11 bankruptcy ruled Tuesday that the bedding manufacturer didn’t breach its loan agreements through a type of borrowing deal that has become popular among distressed businesses.

Judge David Jones of the U.S. Bankruptcy Court in Houston said Serta Simmons complied with its credit agreement when it took out a rescue loan in 2020 from a majority of its senior lenders while excluding others from participating. Invesco Ltd., Eaton Vance Corp. and others got first dibs…

-Travo News

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