Fabrics Estate Liquidation Plan Gets Court OK

Law360, New York (August 24, 2009, 4:05 PM EDT) -- The judge in charge of the Chapter 11 proceedings of Fabrics Estate Inc. — formerly known as Propex Inc. — has approved the debtors' blueprint for winding down their estates, following the sale of substantially all the company's assets to an affiliate of debtor-in-possession lender Wayzata Investment Partners LLC in April.

Judge John C. Cook of the U.S. Bankruptcy Court for the Eastern District of Tennessee signed an order Friday confirming the debtors' first amended joint plan of liquidation.

Although the asset sale to Xerxes Operating...
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