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Foamex completes asset sale, changes name to Linwood International
By Caroline Salls
Pittsburgh, June 18 - Foamex International Inc. has completed the sale of substantially all of its assets to MatlinPatterson Global Opportunities Partners III affiliate Foamex Innovations, Inc., according to an 8-K filed Thursday with the Securities and Exchange Commission.
As previously reported, MatlinPatterson and BlackDiamond instructed term loan administrative agent Bank of New York Mellon to submit a $155 million credit bid for the assets at auction, and they offered a cash-out option for non-credit bidding lenders under the first-lien term loan with an implied value of $146.5 million.
According to the final asset purchase agreement, the lenders also agreed to assume $26.6 million in liabilities.
The company said it expects to promptly wind-down its remaining assets and liquidate. Foamex International said it does not expect to make any distributions to equityholders.
In connection with the sale closing, the company said president and chief executive officer John G. Johnson Jr., executive vice president and chief operating officer David J. Prilutski, executive vice president of automotive and quality Donald W. Phillips and vice president and chief accounting officer Thomas M. Walsh resigned from Foamex International and were subsequently hired by Foamex Innovations.
Foamex Innovations has filed an amendment to its certificate of incorporation to change its name to Linwood International Holdings Inc., according to the 8-K.
Foamex, a Media, Pa.-based producer of polyurethane foam-based and specialty comfort products, filed for bankruptcy on Feb. 18 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-10560.
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