Foamex

February 18, 2009 (Summary)

Foamex International Inc., a foam- products maker, sought bankruptcy protection from creditors for the second time in less than four years. The company based in Media, Pennsylvania, listed assets of $363.8 million and debt of $379.7 million as of Sept. 28 in Chapter 11 documents.

According to Reuters, Foamex is seeking bankruptcy court approval of up to $95 million in debtor-in-possession (DIP) financing provided by private equity firm MatlinPatterson Global Opportunities Partners III LP, which specializes in distressed investing, and Bank of America.

The Media, Pennsylvania-based company first filed for Chapter 11 in September 2005 and emerged from bankruptcy protection in February 2007, with a reorganization plan that repaid creditors in full and allowed equity holders to retain their interests in the company.

Sources and Related Links

• Foamex files for Chapter 11 protection again
• Foamex, Foam-Products Producer, Files for Bankruptcy

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