Propex Wins Approval For $65M DIP Package

Law360, New York (February 10, 2009, 12:00 AM EST) -- Despite numerous objections, a federal bankruptcy judge has signed off on the $65 million debtor-in-possession request by Propex Inc., ruling that the financing package is in the best interest of the bankrupt material company.

On Monday, U.S. Bankruptcy Judge John Cook finalized the deal after “having considered all pleadings with the court,” overruling protests from the U.S. Pension Benefit Guaranty Corp., the official committee of unsecured creditors and others.

A representative from Propex could not be reached immediately for comment on Tuesday.

The ruling comes in...
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