Following Asset Sale, Propex Looks To Wind Down

Law360, New York (June 19, 2009, 12:00 AM EDT) -- Construction materials manufacturer Propex Inc. has filed a liquidation plan and disclosure statement laying out a blueprint for winding down its estate, now that substantially all of its assets have been sold to an affiliate of debtor-in-possession lender Wayzata Investment Partners LLC.

Propex filed the liquidation plan and disclosure statement in the U.S. Bankruptcy Court for the Eastern District of Tennessee on Thursday.

Debtor counsel Henry Kaim touted the sale as a success for all involved, and said the sale "kept the company alive."

"We were...
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