Foamex Agrees To Sell Its Assets In $105M Deal

Law360, New York (March 26, 2009, 12:00 AM EDT) -- Bankrupt polyurethane and foam manufacturer Foamex International Inc. has signed an agreement to sell substantially all of its assets to distressed private equity firm MatlinPatterson Global Opportunities Partners III LP for $105 million.

Under the deal, an affiliate of MatlinPatterson will assume ongoing obligations to the company's customers, vendors and 2,300 employees, Foamex said Wednesday.

The $105 million represents a combination of what's outstanding on a debtor-in-possession loan plus cash, the company added, and the transaction will include assumed liabilities.

Before the deal becomes final, it...
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