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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.