Jennifer Convertibles Inc. filed for Chapter 11 bankruptcy protection following liquidity problems, the sofabed seller said Monday.
The company agreed with its largest creditor and foreign supplier Haining Mengnu Co. to convert a large part of its pre-filing debt into equity of the company.
Jennifer Convertibles, based in Woodbury, N.Y., says it was unable to get alternative financing to avoid filing for bankruptcy protection.
The company, which filed its petition in the Southern District of New York, plans to keep operating and emerge from bankruptcy reorganization as a going concern. It does not expect the filing to hurt its fulfillment of …
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