Propex’s assets sold
A Minnesota investment firm said it will purchase the assets of the bankrupt Propex Inc. and that it will continue to operate, the Chattanooga Times Free Press said in a news story. Propex is headquartered in Chattanooga, Tenn.
Wayzata Investment Partners bid $82 million to win a bankruptcy auction for Propex in late March over two rival investment firms. The company filed for bankruptcy in January 2008.
Propex, with a plant at the Decatur County Industrial Park, is one of the biggest makers of carpet backing and geotextiles for the construction industry.
Investors can be thankful that few financial quarters are like the three remarkable months we’ve just experienced. As the dust... read more