LINWOOD, Pa. (Jan. 25) — Foamex International Inc.´s equity holders have approved its second amended plan of reorganization, which proposes electing three new directors to its board.
Foamex has filed a supplement to the plan with the Bankruptcy Court for the District of Delaware containing proposed forms of agreements the major U.S. polyurethane foam firm may enter into on its exit from bankruptcy.
The supplement also lists as proposed new directors Robert Burke, founder and CEO of Par IV Capital Management L.L.C.; Seth Charnow of the D.E. Shaw Group; and Eugene Davis, chairman and chief executive officer of PIRINATE Consulting Group L.L.C.
Proposed as continuing directors are: Raymond Mabus Jr. chairman and CEO; Gregory Christian, Foamex executive vice president, chief restructuring officer, chief administrative officer, and general counsel, who will become president of the reorganized company; and Thomas Hudgins, retired partner, Ernst & Young L.L.P.
A hearing to consider confirmation of the plan is scheduled for Feb. 1.