Current Affairs
April 6, 2023
SSB Update
Serta Simmons Bedding, LLC
Case # 23-90020
Judge David R. Jones
Jurisdiction Texas – Southern District
Filed Jan 23 2023
Manufacturing
- Overview
- Dockets
- Claims
- Key Documents
- Adv. Proceedings
Case Information
On January 23, 2023, Serta Simmons Bedding, LLC and thirteen (13) U.S. affiliate companies (collectively, the “Debtors”) each filed petitions in the United States Bankruptcy Court for the Southern District of Texas seeking relief under chapter 11 of the United States Bankruptcy Code. The Debtors’ cases have been assigned to Judge David R. Jones. The Debtors cases are jointly administered for procedural purposes, meaning that all pleadings are maintained on the case docket for Serta Simmons Bedding, LLC, Case No. 23-90020 (the “Main Case Docket”). The Main Case Docket can be accessed through the website maintained by the United States Bankruptcy Court for the Southern District of Texas (https://www.txs.uscourts.gov). An unofficial version of the Main Case Docket is accessible by selecting the “Dockets” tab above.View Less
Case Actions
- Proof of Claim Form
- File a Claim
- E-Ballot
- E-Opt Out
- Docket Alerts
- Service List
- Submit Inquiry
- RSS Feeds
Equity Transfer Procedure Documents
• Notice of Substantial Stock Ownership
• Notice of Intent to Purchase, Acquire or Otherwise Accumulate Dawn Stock
• Notice of Intent to Sell, Trade or Otherwise Transfer Dawn Stock
• Declaration of Intent to Claim a Worthless Stock DeductionView Less
Press Release
Restructuring Information
The company is operating as normal and is serving retail partners and sleepers as usual. SSB’s manufacturing facilities are fulfilling orders, and the company is continuing to work with suppliers and vendors in the ordinary course of business. SSB also has meaningful launches planned for this year from Serta and Beautyrest.
For information and inquiries about this matter, please call the numbers listed below. U.S.-based parties should use the toll free number below. International parties should use the non-U.S. number below.
Toll Free U.S. #: (877) 618-5414
Non U.S. #: +1 (503) 966-3043
Additional information regarding the court-supervised process is available on SSB’s restructuring website, www.SSBRestructuring.com.
Supplier Frequently Asked QuestionsView Less
Key Dates
23
JAN
10:02 PM CT
2023
ADD TO CALENDAR
24
JAN
01:00 PM CT
2023
ADD TO CALENDAR
27
JAN
03:30 PM CT
2023
ADD TO CALENDAR
1
FEB
12:00 PM CT
2023
Continued Scheduling Conference
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1
MAR
01:00 PM CT
2023
ADD TO CALENDAR
14
MAR
10:00 AM CT
2023
ADD TO CALENDAR
16
MAR
05:00 PM CT
2023
ADD TO CALENDAR
23
MAR
09:00 AM CT
2023
ADD TO CALENDAR
29
MAR
10:00 AM CT
2023
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5
APR
01:45 PM CT
2023
ADD TO CALENDAR
1
MAY
04:00 PM CT
2023
ADD TO CALENDAR
8
MAY
09:00 AM CT
2023
Confirmation Hearing; Final Hearing re: Cash Management Motion
ADD TO CALENDAR
22
JUL
05:00 PM CT
2023
ADD TO CALENDAR
Section 341 Meeting of Creditors
Pursuant to Section 341 of the Bankruptcy Code, a meeting of creditors was held telephonically on March 14, 2023 at 10:00 a.m. (CT).
Notice of Chapter 11 Bankruptcy Case [Docket No. 187]
Debtors (14)
Lead Debtor 23-90020 Serta Simmons Bedding, LLC
Related Debtors
23-90019
Dawn Intermediate, LLC
23-90024
Dreamwell, Ltd.
23-90022
National Bedding Company L.L.C.
23-90021
Serta International Holdco, LLC
23-90027
Simmons Bedding Company, LLC
23-90025
SSB Hospitality, LLC
23-90026
SSB Logistics, LLC
23-90018
SSB Manufacturing Company
23-90030
SSB Retail, LLC
23-90023
The Simmons Manufacturing Co., LLC
23-90029
Tomorrow Sleep LLC
23-90028
Tuft & Needle, LLC
23-90031
World of Sleep Outlets, LLC
Dawn Holdings, Inc., Serta, Inc., Serta Canada Ltd., SSH Canada Holding Co., LLC, SSH Bedding Canada Co., and Simmons Caribbean Bedding, Inc. are not part of the filing.
March 31, 2023
Housing Starts Update
United States Housing Starts
February 2023 Data – 1959-2022 Historical
Housing starts in the US surged 9.8% from a month earlier to a seasonally adjusted annualized rate of 1.45 million in February of 2023, the highest in five months, and way above market forecasts of 1.31 million, in a sign that some confidence may have returned to the housing market, although mortgage rates and inflation remain elevated. Single-family housing starts were up 1.1% to 830 thousand and starts for units in buildings with five units or more surged 24.1% to 608 thousand, the highest since April last year. Starts soared in the Midwest (70.3% to 201 thousand), the West (16.8% to 347 thousand), and the South (2.2% to 796 thousand) but fell in the Northeast (-16.5% to 106 thousand). Compared to February 2022 however, housing starts were 18.4% lower. In January, housing starts were revised higher to 1.321 million from an early estimate of 1.309 million, but remaining the lowest since June of 2020. source: U.S. Census Bureau
March 28, 2023
New Home Sales Rise
New Home Sales Unexpectedly ‘Rose’ In February, Median Price Rebounds
by Tyler Durden
Thursday, Mar 23, 2023 – 10:09 AM
After surging far more than expected in December and January (and beaten expectations in each of the last six months), new home sales were expected to slide in February (despite the unexpected jump in existing home sales as mortgage rates took a pause from their blast off higher). However, like existing home sales, new home sales rose 1.1% MoM (-3.1% exp). This is the seventh beat in a row, but only because January’s +7.2% MoM spike was revised dramatically lower to a mere +1.8% MoM… if that January level had held this would have been a 4.5% MoM drop…
Source: Bloomberg
Year-over-year, new home sales remain down 19%, but on a SAAR basis are back near their highest since last April…
Source: Bloomberg
Sales rose in the West and South, the two largest regions by purchases. The number of homes sold in the Northeast plunged to the lowest since June.
The median home price rose from $426.5K (lowest since Sept Dec 21) to $438.2K…
Supply continues to contract (some might say ‘normalize’). There were 436,000 new homes for sale as of the end of last month, the lowest since April. That represents 8.2 months of supply at the current sales rate. …
Source: Bloomberg
Interestingly, the number of homes sold, but not yet started, continues to rise, surging to 149K, from 108K, the highest since March 2022…
Source: Bloomberg
Of course, the problem is, mortgage rates have resurged back above 7.00% since this data…
Source: Bloomberg
Resurgent home sales (and prices) is not what Powell wants to see – don’t expect mortgage rates to save any homebuyers anytime soon (especially as banks tighten lending standards amid a liquidity/solvency crisis).
March 23, 2023
EVERCHEM UPDATE: VOL. 09 – The Terminator: 2023
In a backyard shed somewhere in middle-America right now, there is a group of tech geeks cooking up their master plans for Skynet 2030.
Urethane Industry-inspired AI generated text-to-image art, using Runway AI. See if you can match the photo with the text prompt it was given:
- Chemical splitter
- A chemist pouring chemicals into a large blue drum
- An excited salesman closing a deal for one rail car of Toluene Diisocyanate
- A warehouse forklift operator loading a pallet of chemical drums
- Urethane foam cell close up
- urethane salesmen playing golf in the spring
- Out to dinner with customers
Subscribe to the Urethane blog for more Everchem Updates here
March 21, 2023
Auto Sales Rebound in January
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