Foamex Unveils Plan To Exit Chapter 11

Law360, New York (October 24, 2006, 12:00 AM EDT) -- Foamex International Inc. on Monday filed an amended reorganization plan and disclosure statement, under which creditors are expected to receive more than $650 million.

The plan, filed in the U.S. Bankruptcy Court for the District of Delaware, would allow senior secured note claims of more than $312.4 million, plus accrued and unpaid post-petition interest. The senior subordinate note claims will be more than $208 million, which includes accrued and unpaid interest, according to court documents.

Foamex also expects to pay back its $130 million in debtor-in-possession...
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