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Court Approves Foamex's Exit Plan

Law360 (February 1, 2007, 12:00 AM EST) -- A federal bankruptcy judge on Thursday confirmed Foamex International Inc.’s reorganization plan, setting the stage for the company’s emergence from bankruptcy within the next couple of weeks.

In confirming the plan, Judge Kevin Gross of the U.S. Bankruptcy Court in Delaware cleared the way for Foamex’s creditors to receive about $665 million in cash. The money will come from a group of lenders led by Bank of America, which has committed up to $790 million in exit financing.

“Today’s announcement represents a significant, and almost final,...
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