ESBA Associates served as Financial Advisor to Classic Sleep ProductsPhiladelphia, PA—March 22, 2010 ―Executive Sounding Board Associates Inc. (“ESBA”) today announced that it served as Financial Advisor to Classic Sleep Products. Jessup, MD-based Classic Sleep Products voluntarily initiated reorganization proceedings under Chapter 11 on January 4, 2010. On February 1, 2010, Classic Sleep Products announced that the U.S. Bankruptcy Court for the District of Maryland had confirmed the Company’s Plan of Reorganization and its’ sale to Classic Brands LLC. Classic Brands LLC was formed by Classic Sleep Products’ management team and the company's Chinese manufacturing partner.
According to a press release issued by Classic Brands LLC, “The Court's approval of the restructuring plan and sale was approved in only 25 days, which CEO Mike Zippelli credited to the expertise of his legal and advisory team- Michael J. Lichtenstein from the law firm of Shulman, Rogers, Gandal, Porty & Ecker and Robert Katz from Executive Sounding Board Associates.”
Classic Sleep Products sells its’ bedding products and accessories under the Dormia, Space Age and Natural Expressions brands and uses the finest materials from around the world including all-natural and high-performance covers, unique fibers, lamb's wool, Talalay and Dunlop latex, and visco-elastic memory foam. With its worldwide partnerships, the company is able to offer enhanced features on a wide range of value-driven products comprised of memory and latex foam that deliver unequalled comfort and value.
Robert Katz, a Certified Turnaround Professional, has over twenty years of turnaround experience having successfully served as Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, Advisor, and Board Director for numerous troubled middle market companies. Katz has worked to restructure companies in the manufacturing, wholesale distribution, retail, hotel/casino, publishing and service industries. He graduated from The Wharton School of Business of the University of Pennsylvania and received a MBA degree in Finance from Temple University.
About Executive Sounding Board Associates Inc.
For over 31 years, Executive Sounding Board Associates Inc., a leading turnaround and crisis management advisory firm, has worked with U.S. and International middle market companies which are experiencing financial or operational challenges. Over 900 public and privately-held companies have benefited from the Executive Sounding Board Associates Inc. partnering approach to restoring value for its clients while restoring confidence with its shareholders including investors, lenders, customers, suppliers and employees. Serving the needs of clients across a wide breadth of industries, Executive Sounding Board Associates Inc. also has specialty practice areas focused on healthcare companies and government contractors. ESBA has been named as one of the top 14 turnaround consulting firms in the country seven of the last ten years. Headquartered in Philadelphia, Executive Sounding Board Associates Inc. has offices in New York City, Baltimore and Charlotte.
Additional information about the company is available at www.esba.com.
xecutive Sounding Board Consultants Associates, Inc. Penn Center • Suite 1730 • Philadelphia, PA 19102 • (215) 568-5788 • FAX: (215) 568-5769 • www.esba.com
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