Law360.com: Lenders Fight To Block Propex Asset Sale Plan

Law360 is reporting:

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…

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None of the other major news sources have picked up this story as of yet, so it has yet to be confirmed from another source. Once another venue runs with it, I’ll let you know. Stay tuned to Wayzata.com for all the latest Wayzata Investment Partners headlines.

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