We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Propex Gets Green Light On $65M Exit Funds Deal

Law360 (December 30, 2008, 12:00 AM EST) -- A bankruptcy judge has cleared the way for textile company Propex Inc.'s $65 million exit financing agreement with Wayzata Investment Partners LLP to proceed.

Judge John C. Cook in the U.S. Bankruptcy Court for the Eastern District of Tennessee opened the door Monday for Propex to pay Wayzata all required expenses, including a $150,000 work fee that allows the investment concern to conduct due diligence.

Wayzata, a 19 percent holder of the debtors' prepetition secured term debt facility, has had ongoing financial access to Propex's financial...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.