Foamex International Emerges From CCAA Protection

Foamex International Inc. and its subsidiaries filed for protection under Chapter 11 of the United States Bankruptcy Code with more than $763 million of debt on September 19, 2005. Simultaneously, Foamex Canada Inc. was granted protection under the CCAA. On February 1, 2007, the United States Bankruptcy Court confirmed Foamex's plan of reorganization. On February 12, 2007, Foamex exited Chapter 11 and CCAA protection. In conjunction with its exit from Chapter 11 and CCAA, Foamex entered into new lending arrangements with Bank of America N.A. in the aggregate amount of US$775 million.

The asset-based secured revolving credit facility was provided by Bank of America, N.A., as administrative agent for a syndicate of lenders and other secured parties including Bank of America, N.A., Wells Fargo Foothill, LLC, Wachovia Bank, National Association, Merrill Lynch Capital, a Division of Merrill Lynch Business Financial Services Inc. and General Electric Capital Corporation. Each of the secured first lien term loan facility and the second lien term loan facility was provided by Bank of America, N.A., as administrative and collateral agent for lenders and other secured parties including Banc of America Bridge LLC.

Foamex was represented by its executive vice-president, general counsel and chief restructuring officer Gregory Christian and vice-president and deputy general counsel Andrew Prusky; assisted in Canada by Goodman and Carr LLP with a team led by Neil Rabinovitch (insolvency), and included Katherine McEachern (insolvency) and Steve Watson (corporate); and by Sterling Dietze and Philippe Tommei (financing); Jean-Guillaume Shooner (tax) and Michel Legendre (pensions) of Stikeman Elliott LLP. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as Foamex's US counsel with a team that included Alan Kornberg, Brian Hermann, Ephraim Diamond, Justin Brass and Tani Zahavi (insolvency); Judith Thoyer, Stephen Koo, Brian Korn, Emilio Mena, Dexter Eng, Stanislav Grigoryev and Aun Singapore (corporate) and Peter Rothenberg (tax).

Bank of America N.A was represented by in-house counsel Girolamo Saccone; assisted by Gary Bernstein, Albert Fenster and Sheryl Gittlitz (finance and creditors' rights) and by Marc Rosenberg (bankruptcy) of Kaye Scholer LLP; and Kevin Morley, Arnold Cohen, Michéle Friel, Virginie Gauthier and Mario Forte of Ogilvy Renault LLP.

Frederic Ragucci and Lynn Tanner (financing) and Lawrence Gelber and Adam Hirsch (bankruptcy) of Schulte Roth & Zabel LLP represented Silver Point Finance, LLC.

Tracy Sandler and John MacDonald of Osler, Hoskin and Harcourt LLP represented the Information Officer in the CCAA proceeding, RSM Richter Inc.