DuPont puts off on neoprene plant closing until end of year
LOUISVILLE, Ky.-DuPont Performance Elastomers L.L.C. has postponed closing its Louisville neoprene plant until the end of 2007.
Previously the company said it would shut down the factory on March 31, but also that the closing would be held up until and expansion at its Pontchartrain Works facility near LaPlace, La., was completely on-stream, a spokeswoman said.
DuPont Performance Elastomers broke ground at LaPlace for the neoprene production expansion there in the spring of 2006. United Steelworkers of America and USW Local 5-2002, which represents the Louisville workers, have tried to negotiate with the company to keep the facility open.
Neoprene users also have said they fear the closing of the Louisville plant will represent a significant loss of neoprene capacity, even with the Pontchartrain expansion.
Foamex equity holders OK new reorganization plan
LINWOOD, Pa.-Foamex International Inc.'s equity holders have voted unanimously to accept its second amended plan of reorganization.
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.