Vendor Frequently Asked Questions
- How will the Chapter 11 filing affect vendors?
- Why should my company continue to do business with Sleep Innovations/Advanced Urethane Technologies if you are out of money?
- What does the Chapter 11 filing mean for my company as we continue to do business with Sleep Innovations/Advanced Urethane Technologies?
- When can I expect to receive payment for outstanding invoices?
- Where should I send my invoices going forward?
- Who can I speak with concerning a pending shipment?
How will the Chapter 11 filing affect vendors?
We are attempting to secure $35 million in DIP financing, which, combined with our cash position, should enable the Company to meet ongoing financial obligations during the reorganization period.
We are not out of money. In fact, we anticipate that our $35 million DIP financing will provide us with adequate funding to meet our ongoing obligations through the restructuring process. Our decision to file was a strategic one to allow us to recapitalize, strengthen our balance sheet and position the Company for the future.
You are a valued business partner for Sleep Innovations/Advanced Urethane Technologies and with our $35 million DIP financing, we expect to remit timely payment to you. You should expect to be updated by your primary Sleep Innovations/ Advanced Urethane Technologies contact as we move through the process.
When can I expect to receive payment for outstanding invoices?
The terms of the payment of outstanding invoices to vendors will be dictated by our Plan of Reorganization, which will be filed with the Court as we near the completion of our restructuring efforts. By law, we cannot pay invoices dated prior to the filing. Utilizing our DIP financing, we expect any new invoices will be paid in full and in a more timely fashion than our recent payments. In fact, the Court requires the timely payment of post-petition invoices.
Where should I send my invoices going forward?
You should continue to direct your invoices to our Accounts Payable Department through your normal channels and processes.
Who can I speak with concerning a pending shipment?
Sleep Innovations/Advanced Urethane Technologies’ relationships with vendors have not changed. You should continue to do business with your normal contact with regard to specific pending shipments.