Foamex agrees to sell all its assets; awaits US Bankruptcy Court approval

Foamex International Inc., a US-based producer of polyurethane foam-based solutions, recently announced that it has signed an agreement to sell substantially all of its assets to an affiliate of MatlinPatterson Global Opportunities Partners III L.P. Under the terms of the proposed sale, MatlinPatterson will purchase Foamex's assets as a going concern, assuming the ongoing obligations to Foamex's customers and vendors and the continued employment of its employees. The transaction is subject to, among other things, the approval of the United States Bankruptcy Court for the District of Delaware, as well as subject to the consideration of other offers at an auction to be held on a date to be determined in May, 2009. Previously, on March 18, 2009, the Bankruptcy Court granted final approval for Foamex and certain of its affiliates to borrow up to US$95 mln under their debtor-in-possession (DIP) financing provided by MatlinPatterson and Bank of America.
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