Citing Housing Crash, Propex Files For Ch. 11

Law360 (January 22, 2008, 12:00 AM EST) -- Fabric company Propex Inc. announced on Friday that it has filed for Chapter 11 bankruptcy protection in order to restructure its business with the help of $60 million in credit financing from BNP Paribas Securities Corp.

As of last September, Propex reported assets of $587.7 million and liabilities of $527.4 million. The company, which manufacturers raw materials used in home construction, blamed the continuing collapse of the housing market as well as general economic decline for its bankruptcy.

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