WEST LONG BRANCH, N.J.–Sleep Innovations has formally emerged from Chapter 11 bankruptcy protection.
The company, which filed Chapter 11 last October, said in a statement that its pre-packaged plan of reorganization was approved by the U.S. bankruptcy court in Wilmington, Del., last month. As part of its emergence, Sleep Innovations has gained $33 million in exit financing from its existing lenders, the statement added. The company met its own deadline for emerging from Chapter 11 by late February, as set out in a company statement issued in January.
Rick Heller, Sleep Innovations’ chief executive officer, hailed the company’s emergence from Chapter 11 as “the start of an exciting new chapter for Sleep Innovations. With a strengthened capital base, we are well positioned to reach our full potential.”