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.
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