Foamex Receives Court Approval of Disclosure State
Linwood, PA, November 27, 2006--Foamex said today that it received bankruptcy court approval for the company’s plan funding commitments and its disclosure statement describing the company's second amended plan of reorganization.
The company also said the court authorized it to begin soliciting approvals to the plan from its creditors and shareholders that are entitled to vote on the plan and scheduled a hearing on January 18, 2007, to consider confirmation of the plan.
Foamex said it expects to emerge from chapter 11 during the first quarter of 2007.
Raymond E. Mabus, Jr., Chairman and Chief Executive Officer of Foamex International, stated, "We are extremely pleased with the Bankruptcy Court's decision to approve the Disclosure Statement. This is a significant milestone in Foamex's chapter 11 process and one which moves us closer to our ultimate goal of emerging from chapter 11 as a stronger company, better positioned to compete in the marketplace. Today's announcement represents the concerted effort of many people, including our employees, and we are pleased to have their support throughout this process."
Foamex is being advised by its legal counsel, Paul, Weiss, Rifkind, Wharton and Garrison LLP, and Miller Buckfire & Co., LLC, its financial advisor.
