Latex Foam International Holdings Inc., parent of industry supplier Latex International and mattress maker Pure LatexBLISS, has filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court for the District of Connecticut.
According to a news release, the company is seeking permission “to restructure the business to better service its customers, work with its vendors and provide for its employees. All subsidiary businesses, including Latex International and Pure LatexBLISS are part of the filing.”
The company also said there will be no service disruption to customers as a result of the Chapter 11 filing and it expects to exit bankruptcy quickly.
At the time of the filing, Latex Foam had approximately $29 million in liabilities and $26 million in assets.
On June 4, the bankruptcy court granted all four of Latex Foam’s first-day motions, including permission to maintain operations using cash collateral and to meet pre-filing payroll. A court date for debtor-in-possession financing has not yet been set.
David Fisher, Latex International president and chief executive officer, said, “The restructuring, along with a new infusion of capital, will strengthen our current business and position the company for dynamic future growth.”
This story was updated June 6, 2014.