Citing Housing Crash, Propex Files For Ch. 11

Law360, New York (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.

“Today’s steps are part of an important process...
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