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Wayzata is a premier suburb located 11 miles west of downtown Minneapolis. With a population of 4,500 people, Wayzata is a tight-knit community which is known for its vibrant downtown and picturesque setting on Lake Minnetonka. A popular destination for visitors, Wayzata’s downtown is home to a number of specialty shops, boutiques, professional services, and restaurants.

Monday, February 02, 2009

Court Approves $65 Million DIP for Propex

CHATTANOOGA, Tenn., Jan. 29 /PRNewswire/ -- Propex Inc. announced today that the United States Bankruptcy Court in Chattanooga overseeing Propex's Chapter 11 cases today approved, on an interim basis, a $65 million DIP loan facility with Wayzata Investment Partners. The final hearing is scheduled for February 9, 2009, at 1:30 p.m. EST. This new lending facility envisions a sale of substantially all of Propex's assets as going concerns on or before March 24, 2009. Propex stated at the court hearings that Wayzata is interested as a bidder in an auction process for substantially all of the companies' assets, with the buyer continuing the operations of Propex after the sale and assuming certain liabilities, such as the employees of the ongoing operations and satisfying ongoing obligations to vendors and employees. The Chapter 11 cases are pending in the Bankruptcy Court for the Eastern District of Tennessee, Southern Division, before Chief Bankruptcy Judge John Cook, jointly administered under Case No. 08-10249.

SOURCE Propex Inc.

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