Bed maker Silentnight is hoping to secure a rescue deal to save the company and around 1,250 jobs after running up a ?100 million hole in its pension fund.
The Lancashire-based firm has applied for a company voluntary arrangement (CVA) to help it avoid administration after its lender pulled the plug on its banking facilities.
The family-owned group, which was founded in 1946 and supplies around half a million beds a year to retailers, is hoping to safeguard the company's future by transferring its onerous pension fund into the hands of the Pension Protection Fund and asking creditors to accept less than they are owed.
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Bed maker Silentnight seeks rescue deal 
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