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Foamex restructuring debt

By Furniture Today Staff -- Furniture Today, February 2, 2009

MEDIA, Pa. — Polyurethane foam supplier Foamex International said it failed to make a $7.3 million interest payment that was due Jan. 21 and said it is negotiating with its lenders to restructure its debt.

The company also said it hopes to enter into a forbearance agreement with the lenders while the restructuring plan is developed.

The missed interest payment involved the company's first- and second-lien term loans. Foamex said an amendment to the first-lien loan is one of the restructuring options under discussion.

“These actions are consistent with our No. 1 priority over the past two years to deleverage,” said Jack Johnson, president and CEO. “Importantly, these steps and our ongoing negotiations should have no effect on Foamex's day-to-day operations.”

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