Article Number : 4254 |
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| Date | 3/4/2009 8:59:46 AM |
| Written By | LGM & Associates Technical Flooring Services |
| View this article at: | //floorbiz.com/BizResources/NPViewArticle.asp?ArticleID=4254 |
| Abstract | CHATTANOOGA, TENN.—Propex announced it has filed a motion with the U.S. Bankruptcy Court here to approve a sale process and sell all its assets to an affiliate of Wayzata Investment Partners (or other entity in the sale process). The transaction would take place on or before March 24... |
| Article | CHATTANOOGA, TENN.—Propex announced it has filed a motion with the U.S. Bankruptcy Court here to approve a sale process and sell all its assets to an affiliate of Wayzata Investment Partners (or other entity in the sale process). The transaction would take place on or before March 24. The proposed sale would provide for the sale of the Propex assets as a going concern, with the assumption by the buyer of the ongoing obligations to customers and vendors and the continued employment of Propex employees. Previously, the court approved a $65 million DIP loan facility with Wayzata. For more information, call 423.553.2894. |