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Foamex Reorganization Plan Approved

Law360 (November 28, 2006, 12:00 AM EST) -- Bankrupt Foamex International Inc. moved one step closer to exiting Chapter 11 Monday when its second reorganization plan and disclosure statement was approved by the bankruptcy court.

With the plan and statement now approved, Foamex can begin seeking plan approval from creditors and shareholders.

The Pennsylvania-based company said that a confirmation hearing is scheduled for Jan. 18, 2007.

Under the approved plan, creditors are expected to receive more than $650 million. Foamex also plans to also hand out an estimated $13 million in general unsecured claims...
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