Propex Seeks Extra Five Months To File Ch. 11 Plan

Law360, New York (April 25, 2008, 12:00 AM EDT) -- Bankrupt fabric maker Propex Inc. has told a court it needs more time in Chapter 11, saying the size and complexity of its case warrants the relief.

The textile company and its affiliates, whose exclusive right to file a reorganization plan expires May 19, asked for an extra five months to draft an exit strategy.

Propex filed for bankruptcy in January with $585 million in assets and $527 million in liabilities.

The company operates in the U.S., Europe and Brazil and has about 3,200 employees on...
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