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.
Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.
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