The U.S Bankruptcy Court, District of Connecticut (Bridgeport), granted all four first-day motions proposed by Latex Foam International Holdings, Inc. on Wednesday, June 4. All subsidiary businesses, including Latex International and Pure LatexBLISS, were part of the filing.
The key motions granted were for joint administration, use of cash collateral which permits the business to operate in the ordinary course of business, and to pay pre-petition payroll. The other key motion granted by the court involved authorization to maintain existing bank accounts.
“We are very pleased that the court granted all our first-day motions,” said Latex International President and CEO David Fisher. “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.”
Latex Foam International Holdings reported approximately $29 million in liabilities and $26 million in assets prior to the ruling.
For more information, visit www.latexinternational.com.
About Latex International: Founded in 1975, Latex International is the world’s largest manufacturer of latex mattresses and pillows, sold under many leading brand names through strategic business partners, including Pure LatexBLISS. Talalay Latex sleep products offer unsurpassed durability and levels of weightless comfort. More than 200 employees produce mattress cores, toppers and pillow buns utilizing both the Talalay and Dunlop manufacturing processes. Latex International manufactures latex in Shelton, CT and manages over 10 distribution and fabrication centers throughout the world.