Dave Flessner of the Chattanooga Times Free Press is reporting that Wayzata Investment Partners has won an all night auction to purchase Propex, Inc, the world’s largest maker of carpet, concrete and industrial fabric backings. A bankruptcy Judge will still need to approve the transaction.
Here is a snippet from the article:
A Minnesota investment firm agreed Tuesday to pay $82 million to buy the assets of the bankrupt Propex Inc., one of Chattanooga’s biggest businesses. Wayzata Investment Partner outbid two rival investment firms during an all-night auction in Atlanta.
The buyers plan to complete the purchase in April and will maintain most of Propex’s staff and business operations, attorney Henry Kaim said in a bankruptcy hearing late Tuesday.
“They are going to continue to operate the company as a going concern and continue to do business,” said Mr. Kaim, a Houston attorney who represented Propex in the bankruptcy auction.
To read the full story, follow this link: Chattanooga: Minnesota firm buys bankrupt Propex
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