New Chapter 15 Filing – Stripes US Holding, Inc.
Stripes US Holding, Inc. (“SUSHI”), an affiliate of Mattress Firm, Inc., has filed a petition for relief under chapter 15 in the Bankruptcy Court for the District of Delaware (Case No. 18-12388). The Petition, and the Declaration attached thereto, disclose that SUSHI is the subject of a restructuring proceeding before the Chancery Division of the High Court of Justice of England and Wales, and seeks recognition of the English proceeding as a foreign, non-main proceeding. The Verified Petition of the Foreign discloses that that SUSHI, in the English proceeding, is seeking the restructuring and release of a $200 million credit facility that may interfere with Mattress Firm’s intent to enter into a $400 million exit facility in Mattress Firm’s chapter 11 cases. Cole Schotz’s coverage of Mattress Firm’s October 5 chapter 11 filing can be found here. SUSHI’s case has been assigned to the Honorable Christopher S. Sontchi.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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