Latex Foam International Holdings, Inc., dba Talalay Global, has filed a Joint plan of reorganization with the Federal Bankruptcy Court, district of Connecticut. The plan has the full support of its secured and unsecured creditors. The plan outlines a restructured business that is now better positioned to serve its customers, work with its vendors and provide for its employees. All subsidiary businesses, including Latex International and Pure LatexBLISS are part of the reorganization filing.
Upon acceptance by the Court and following the formality of the Chapter 11 process, the company said it could emerge by the end of July.
Since the company filed for Chapter 11, there has been no disruption of service to its customers as a result of the filing. In fact, following the court monitored process, the company has been able to increase sales, profits, and expand its research and development platform to be even stronger in the marketplace. Notably, the company has not required any debtor in possession (DIP) financing from outside sources during this process, as cash flow was more than adequate to satisfy financial needs. This is very unique for companies going through the Chapter 11 process, which typically require some form of outside funding.
The company also took a major step last year in rebranding itself “Talalay Global” to better reflect the unique market position it enjoys as the only producer of Talalay in North America.
“I really want to express my thanks to our customers, vendors, creditors, and employees for coming together to guarantee that we met all the objectives of restructuring to maintain our position as the global leader in Talalay,” said Talalay Global President and CEO, David Fisher. “We used the Chapter 11 process in the appropriate way to meet our obligations and insure the financial health of the company for many years to come.”
For more information, visit talalayglobal.com.
About Talalay Global: Founded in 1975, Talalay Global is the world’s largest manufacturer of Talalay mattresses and pillows, sold under many leading brand names through strategic business partners. Talalay 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. Talalay Global manufactures Talalay in Shelton, CT and manages multiple distribution and fabrication centers throughout the world.