In June, Latex Foam International Holdings Inc. dba Talalay Global (formerly Latex International) filed a second reorganization plan with U.S. Bankruptcy Court in Connecticut. The Shelton, Connecticut-based company’s first plan was filed December 3.
According to David Fisher, Talalay Global president and chief executive officer, “The plan in its essence has not changed; however, Wells Fargo did sell their secured note to another bank Summit Bridge, which resulted in (the new plan filing). Summit Bridge wanted to be a part of the consensual plan to support the company and confirm their support in the actual plan, so we added that to the plan and now have all parties on board.”
Fisher is confident the company will emerge from bankruptcy at a July 28 confirmation hearing: “Talalay Global utilized the Chapter 11 process for exactly what it was put in place to do. We are very excited to be nearing the court required ‘finish line’ confirmation date.”
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