The company said that under the plan, Simmons Bedding and its subsidiaries will continue to operate as usual during the application for bankruptcy protection, and the company will pay off its borrowers and salaries to its sellers, suppliers, senior bank creditors and company employees. Simmons Bedding Company said it hopes to complete the plan within 60 days. Under the restructuring plan, Simmons Bedding and its subsidiaries in the United States and overseas will be taken over by Ares Management, the owner of the well-known bedding brand Serta, and Teachers' Private Capital. The receiver said that it intends to make Simmons and Shuda two independent brands. Simmons said that this reorganization plan and related transactions can reduce its total debt of about 1 billion US dollars to about 450 million, and after the reorganization of the company's income and expenditure will be improved, and financial flexibility will also be enhanced. "Applying for bankruptcy protection today is a necessary step for a successful asset reorganization." Simmons President Steve Fendrich said, "We don't expect it to bring any changes to the company's daily operations. During the reorganization, our manufacturing plant will operate as usual , Consumers can still enjoy the high-quality services and high-quality products before reorganization. " After the creditors and bill holders successfully completed the tender, the company submitted an application for bankruptcy protection. Simmons stated that all of its senior creditors agreed to the proposal. 94.5% of senior subsidiary note holders with 7.875% of company assets agreed, and 98.8% of discount note holders with 10% of company assets He expressed support. The application for bankruptcy protection prepared under Chapter 11 of the Bankruptcy Law has been accepted by the US Bankruptcy Court (USBankruptcyCourtfortheDistrictofDelaware). The court documents show that the top 20 unsecured trade creditors of Simmons are owed more than $ 12.6 million. According to the restructuring plan of Simmons, these debts will be fully paid off. The largest unsecured trade creditor of Simmons is Leggett & Platt, which owes USD 3.79 million. Following behind was sponge supplier Foamex, which owed USD 1.39 million. South American mattress maker InternationalMattress Inc. receivables of 1.24 million US dollars, sponge supplier Future sponge company receivables of 1.08 million US dollars, ranked third and fourth. The other major unsecured trade creditors and their receivables are: DavisWire, $ 57.454 million; HanesConverting, $ 574.889 million; Louisville Bedding, $ 53.988 million; VitaNonwovens, USD 37,140,800; GlobalTextileAlliance, $ 35,690,000; DuPont, USD 343.374 million; BarrettewoodUSA, USD 327,534; PolymerGroup, USD 321,813; BekaertTextiles, $ 287,795 million; AshleyFurniture, $ 27.608 million; FlexibleFoamProducts, $ 277,992; CulpInc., USD 24.74 million; CreativeVinyl / Fabrics, 222.5248 million USD; FFKRArchitects, $ 199.2 million; Latex International, USD 186.5054 million; MidSouthExtrusion, $ 172.263 million; King Kamehameh Inc., $ 16,731,000.
Set screw is also called head screw and positioning screw. The utility model is a screw specially used for fixing the relative position of machine parts. Type: square flange end set Bolt, GB / t821-1988 square chamfered end set screw, GB / t85-1988 square long cylindrical end set screw, inner square head set screw, etc.
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The selection of common set Screws is generally used to fix the relative position of two parts with little force. The axial and circumferential positioning of common sleeve like parts on the shaft. There are many kinds of set screws. The common ones are as follows: according to the end part, there are conical end, flat end, concave end, oblong cylinder head, etc; Set Screws,Allen Nose Set Screw,Slotted Head Set Screw,Hexagon Socket Grub Screw Suzhou Gubao Screws Co.,Ltd. , https://www.gbscrewes.com
Hexagon socket set screw, hexagon flat set screw, hexagon cylindrical set screw.
According to the head part: slotted, hexagon socket, square head, etc. Tapered end screws and concave end screws with sharp ends can be used to directly top the parts, and the concave end is more reliable and can bear greater force; Taper end screws without sharp points must be drilled in the parts. The flat end is used to top the tight plane, which does not damage the parts, but bears limited load.
Slotted screws have small tightening force and are often easy to screw off. Generally, they prefer hexagon socket head; The tightening force of square head is the largest, but it can not be embedded in parts, and its use is limited. In order to prevent loosening and withdrawal of threaded parts, a set screw can be drilled at the cross seam. The long cylindrical head screw at the top end is used in the keyway of the shaft to lock and prevent circumferential rotation. It can also be used in general unimportant occasions when the key slides in the keyway of the shaft.
Simmons has officially filed for bankruptcy to clear the way for reorganization
Bedding giant Simmons applied for bankruptcy protection in accordance with Chapter 11 of the Bankruptcy Law and drafted a reorganization plan. This bankruptcy application does not include Simmons Bedding ’s subsidiaries in Canada and Puerto Rico.