Media, Pennsylvania - Foamex International Inc., a major producer of polyurethane foam-based products, has received approval from the US Bankruptcy Court for the district of Delaware for the sale of all its assets to a group of affiliate companies of MatlinPatterson Global Opportunities Partners III LP and Black Diamond Management llc.
Foamex expects the closing of the transaction and its emergence from Chapter 11 in June 2009, a company statement said.
"As we had hoped for the outset of the filing, Foamex has emerged from the process expeditiously and with a stronger balance sheet," said Foamex ceo, Jack Johnson.
Johnson went on to outline some of the benefits that will be brought by the MatlinPatterson/Black Diamond team including additional resources, access to acquisition and investment expertise and continuity of management and strategic direction.
Foamex said it will provide additional details on the next phase of the company in the next few weeks. (RD)