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Foamex Tumbles Back Into Ch. 11

Law360 (February 18, 2009, 12:00 AM EST) -- Stricken by the woeful automobile and housing markets, Foamex International Inc. sought bankruptcy protection again Wednesday, two years after the polyurethane and foam manufacturer exited Chapter 11.

Foamex filed the petition in the U.S. Bankruptcy Court for the District of Delaware in an attempt to restructure the hundreds of millions the company owes in term loans and to streamline operations at 31 manufacturing facilities in North America, Mexico and China.

Having explored other restructuring alternatives over the past several months, Chapter 11 remained the only feasible...
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