Propex Gets Green Light On $65M Exit Funds Deal

Law360, New York (December 30, 2008, 12:00 AM EST) -- A bankruptcy judge has cleared the way for textile company Propex Inc.'s $65 million exit financing agreement with Wayzata Investment Partners LLP to proceed.

Judge John C. Cook in the U.S. Bankruptcy Court for the Eastern District of Tennessee opened the door Monday for Propex to pay Wayzata all required expenses, including a $150,000 work fee that allows the investment concern to conduct due diligence.

Wayzata, a 19 percent holder of the debtors' prepetition secured term debt facility, has had ongoing financial access to Propex's financial...
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