West Long Branch, New Jersey -- Sleep Innovations Inc. filed a plan of reorganisation on its bankruptcy protection position on 26 Nov and said this "is a major step toward emergence from Chapter 11 during the middle of the first quarter of 2009."
Sleep Innovations, which makes memory foam pillows and mattress toppers, said it expects to get out of Chapter 11 without utilising all of the financing made available to it in the process.
Also, Michael Fux, who founded Sleep Innovation in 1996, is to resume his role as ceo, and will also become a part owner and provide additional liquidity, the company announced.
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