LINWOOD, Pa. (Nov. 28) — U.S. polyurethane foam company Foamex International Inc. said that the U.S. Bankruptcy Court in Delaware has approved its plan to get out of Chapter 11 bankruptcy proceedings.
The court also authorized Foamex to start asking certain creditors and shareholders for approvals to the plan and scheduled a hearing on Jan. 18 to consider confirmation of the plan. Foamex said it expects to emerge from Chapter 11 during the first quarter of 2007.
"We are extremely pleased with the Bankruptcy Court´s decision to approve the disclosure statement," said Raymond Mabus Jr., chairman and chief executive officer of Foamex International, in a company statement.
This milestone in Foamex´s Chapter 11 process "moves us closer to our ultimate goal of emerging from Chapter 11 as a stronger company, better positioned to compete in the marketplace," Mabus added.