Foamex Comments on Status of Its Proposed Chapter 11 Plan of Reorganization
LINWOOD, Pa.--April 27, 2006--Foamex International Inc. (OTC: FMXIQ) provided the following update on the status of its proposed chapter 11 Joint Plan of Reorganization. The Company said it is revising its business plan in light of recent favorable developments in Foamex's business performance. Once the revised plan is completed, Foamex will consider any appropriate modifications to its proposed Joint Plan of Reorganization under chapter 11 of the Bankruptcy Code, which was filed with the Delaware Bankruptcy Court on December 23, 2005. Accordingly, until its business plan review is completed, Foamex cannot determine whether holders of its common stock and other equity interests will receive or retain any interests in reorganized Foamex under a modified chapter 11 Plan; the Plan currently on file provides for no recoveries to such parties.Foamex's improved financial condition has been described in several recent filings with the Bankruptcy Court. More information concerning Foamex and copies of selected filings made with the Bankruptcy Court are available on the Company's web site at www.foamex.com/restructuring.
About Foamex International Inc.
Foamex, headquartered in Linwood, PA, is the world's leading producer of comfort cushioning for bedding, furniture, carpet cushion and automotive markets. The Company also manufactures high-performance polymers for diverse applications in the industrial, aerospace, defense, electronics and computer industries. For more information visit the Foamex web site at http://www.foamex.com.
Forward-Looking Statements
This press release contains, and oral statements made from time to time by representatives of the Company may contain, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are affected by risks, uncertainties and assumptions that the Company makes about, among other things, the outcome of proceedings in its chapter 11 case. While the Company believes that its assumptions regarding the foregoing matters are reasonable, any of the assumptions could be inaccurate, and therefore there can be no assurance that the Company's forward-looking statements will prove to be accurate. Readers should be aware that any forward-looking statement made in this press release or elsewhere by the Company speaks only as of the date on which it is made, and the Company disclaims any obligation or intent to update any of the factors listed above or forward-looking statements.