Propex Seeks To Negotiate $65M Exit Financing

Law360, New York (December 15, 2008, 12:00 AM EST) -- Propex Inc. has asked a court to give the textile company the OK to negotiate a $65 million deal for exit financing with Wayzata Investment Partners LLP.

In documents filed Friday in the U.S. Bankruptcy Court for the Eastern District of Tennessee, counsel for Propex asked the court to allow it to pay Wayzata a refundable deposit of $150,000, which would be used to conduct due diligence. A hearing on the issue is scheduled for Dec. 29.

Wayzata, which is a 19 percent holder of the...
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