LINWOOD, Pa. \u00e2\u20ac\u201d Foam supplier Foamex International said its reorganization plan took
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\neffect Monday, and the company emerged from Chapter 11 bankruptcy protection.<\/p>\n
As part of the plan, Gregory Christian, who had been executive vice president and chief restructuring officer, has been promoted to president, a post that had been vacant for months.<\/p>\n
Foamex, the largest supplier of polyurethane foam for furniture and bedding, said it is now \u00e2\u20ac\u0153a stronger, leaner company, with a reinvigorated business and the financial flexibility needed to compete and be the industry leader.\u00e2\u20ac\u009d<\/p>\n
The company had been operating under bankruptcy protection since September 2012.<\/p>\n
\u00e2\u20ac\u0153This is an extraordinary day for Foamex,\u00e2\u20ac\u009d said Raymond Mabus, chairman and CEO. \u00e2\u20ac\u0153It marks the close of one of the most challenging times in the history of the company, and more importantly, it is the beginning of a new era.\u00e2\u20ac\u009d<\/p>\n
The reorganization plan calls for unsecured creditors claims to be paid in full \u00e2\u20ac\u201d a highly unusual outcome in bankruptcy cases.<\/p>\n
Stockholders will retain their equity interest in the company, but their shares are subject to dilution because additional shares will be issued through a rights offering.<\/p>\n","protected":false},"excerpt":{"rendered":"
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