From Home Furnishing Business
Latex International Gets First-Day Motions
2014 by in Bankruptcy, Bedding, Industry, Product
Foam supplier and bedding producer Latex Foam International Holdings was granted four first-day motions during a hearing in the U.S. Bankruptcy Court in Connecticut.
The judge allowed for joint administration, use of cash collateral to allow the company to operate in the ordinary course of business, and to pay pre-petition payroll. The judge also said the company could maintain its existing bank accounts.
“We are very pleased that the court granted all our first-day motions,” said David Fisher, president and CEO. “The results will enable us to continue to provide the utmost in service to our customers as the world’s largest Talalay Latex component producer. Our vendor relationships, as well as our commitment to our employees, will continue as usual.”
The company reported about $29 million in liabilities and $26 million in assets prior to the ruling.
The bankruptcy filing earlier this week includes the company's subsidiaries Latex International and Pure LatexBliss.