Foamex Back On Auction Block After Bidding Spat

Law360, New York (May 21, 2009, 12:00 AM EDT) -- A judge has reportedly reopened the auction for bankrupt Foamex International Inc. following a stalking horse bidder's outcry over the company's alleged rejection of its $146.5 million bid in favor of a lower, all-cash bid from Wayzata Capital Investment Partners LLC.

Wayzata won May 19’s auction with a $141.5 million cash bid, but a dustup by the stalking horse bidder — comprised of the private equity firm MatlinPatterson Global Opportunities Partners III LP and the majority first-lien lenders — led the bankruptcy court to reopen the...
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