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Lenders Fight To Block Propex Asset Sale Plan

Law360 (March 2, 2009, 12:00 AM EST) -- Objections have been filed to bankrupt Propex Inc.’s request to approve bidding procedures that could pave the way for an affiliate of the company’s debtor-in-possession lender Wayzata Investment Partners LLC to buy the construction materials manufacturer for more than $61 million.

Private equity firm Black Diamond Capital Management Inc. and BNP Paribas Securities Corp. each filed an objection to the debtor’s motion Monday, saying the proposed bidding procedures effectively “chill” competitive bidding and give unfair advantages to Wayzata.

BNP Paribas, as administrative agent for prepetition lenders,...
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