Creditors Ask Foamex To Hurry Up Chapter 11 Proceedings

Law360 (October 4, 2006, 12:00 AM EDT) -- Unhappy with the speed of Foamex International LP’s Chapter 11 proceedings, a major creditor has asked the bankruptcy court to deny the foam products company another 90 days to exclusively file its reorganization plan.

Murray Capital Management Inc., a distressed-debt investor, said in court papers that the company had been in bankruptcy long enough. The creditor noted that Foamex already had a fully committed exit-financing package and didn’t need to wait and see whether big shareholders would invest more.

D.E. Shaw & Co., Goldman Sachs and...
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