Latex International Files Chapter 11
SHELTON, Conn.-Latex International has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the District of Connecticut.
The latex pillow and mattress manufacturer said in a statement that, at the time of the filing, it had about $29 million in liabilities and $26 million in assets. The company made the filing "to restructure the business to better service its customers, work with its vendors and provide for its employees," according to the statement. All of the company's subsidiary businesses, including Latex International and Pure LatexBLISS, are part of the filing.
A preliminary court date has been set for tomorrow, at which time initial motions including debtor-in-possession financing arrangements, are expected to be approved. The company said there would be no disruption of services to customers, and that it intends to exit Chapter 11 "expeditiously."
David Fisher, president and CEO, said, "The restructuring, along with a new infusion of capital, will strengthen our current business and position the company for dynamic future growth." Fisher did not mention the source of the new capital.