Foamex Goes For $155M After Auction Reopened

Law360, New York (May 27, 2009, 12:00 AM EDT) -- Following an outcry that led to the reopening of the auction for Foamex International Inc., a group led by private equity firm MatlinPatterson Global Opportunities Partners III LP has won the bidding for the foam products maker with a $155 million credit deal.

Judge Kevin Carey of the U.S. Bankruptcy Court for the District of Delaware on Wednesday approved the stalking horse bidder's offer over the objections of Wayzata Capital Investment Partners LLC, which claimed creditors would be better treated under its final $151.5 million cash...
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