H.I.G.-Backed Pillow Maker Goes Bust Two Years After Takeover
- Pegasus Home Fashions filed for Chapter 11 protection
- Creditors took most of company’s equity earlier this year
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Pillow maker Pegasus Home Fashions Inc. filed for bankruptcy with plans to sell itself about two years after H.I.G. Capital took over the business.
Pegasus listed assets and liabilities of as much as $500 million each in a Chapter 11 bankruptcy petition filed in Delaware on Tuesday. The filing gives the company protection from creditors while it works on repaying them.