Linwood, Pa, April 28, 2006--Foamex International Inc., released an update on the status of its proposed chapter 11 Joint Plan of Reorganization.
The company said it is revising its business plan in light of recent favorable developments in Foamex's business performance. Once the revised plan is completed, Foamex will consider any appropriate modifications to its proposed Joint Plan of Reorganization under chapter 11 of the Bankruptcy Code, which was filed with the Delaware Bankruptcy Court on December 23, 2005.
Accordingly, until its business plan review is completed, Foamex cannot determine whether holders of its common stock and other equity interests will receive or retain any interests in reorganized Foamex under a modified chapter 11 plan; the plan currently on file provides for no recoveries to such parties.
Foamex's improved financial condition has been described in several recent filings with the Bankruptcy Court. More information concerning Foamex and copies of selected filings made with the Bankruptcy Court are available at www.foamex.com/restructuring.
