Propex Looks To Sell Assets To DIP Lender For $61M

Law360, New York (February 18, 2009, 12:00 AM EST) -- A week after winning access to $65 million in debtor-in-possession financing, Propex Inc. has asked a bankruptcy court to approve the sale of the majority of its assets and related bidding procedures that would pave the way for an affiliate of DIP lender Wayzata Investment Partners LLC to buy the construction materials manufacturer for more than $61 million.

In two motions filed Tuesday in the U.S. Bankruptcy Court for the Eastern District of Tennessee, Propex sought to set up a process that would guarantee the company...
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