01:41 PM EST, 12/31/2024 (MT Newswires) -- Apollo Global Management ( APO ) and a group of lenders to Serta Simmons Bedding won an appeal Tuesday to a ruling that excluded them from a deal the bankrupt mattress maker reached with other creditors.

A three-judge panel of the US Court of Appeals for the Fifth Circuit ruled that Serta's so-called uptier transaction, which gave super-priority status to certain debts held by consenting lenders, did not meet the requirements of an open-market purchase.

The ruling reverses a judgment by a bankruptcy court that paved the way for the 2020 uptier deal that resulted in a $200 million cash infusion in Serta.

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