Home / Knowledge / News / Textiles / Propex announces court approval for $60mn credit facility
Propex announces court approval for $60mn credit facility
29
Jan '08
Propex Inc announced that the U.S. Bankruptcy Court for the Eastern District of Tennessee (the Court) has approved the previously announced $60 million credit facility on an interim basis with immediate access to $20 million as requested by the company, which is available to complement existing cash on hand.

This will provide Propex with immediate and sufficient liquidity to operate its business on an ongoing basis. As is customary under Chapter 11 procedures, a final hearing for further funding under the credit facility is scheduled for February 13, 2008.

In addition, the Court also approved all other First-Day Motions it considered, including the motion to pay employee wages and benefits and the motion to use the company's existing cash management system which enables Propex's business to continue to operate in a normal manner.

“We are pleased to have received the interim Court approval of our $60 million credit facility and other First-Day Motions as we expected,” said Joe Dana, President of Propex Inc. “We are focusing our efforts on restructuring our balance sheet in order to reduce our debt and emerge from Chapter 11 a stronger and more nimble Propex better able to serve our customers.”

Propex is the leading producer of geosynthetic, concrete, furnishing and industrial fabrics and fiber with more than 2,500 employees world-wide in manufacturing, distribution and office facilities.

Propex Inc

Must ReadView All

Apparel/Garments | On 27th Feb 2017

Myanmar sets up new committee to revise minimum wage

The Government of Myanmar has set up a new committee, replacing an...

Textiles | On 27th Feb 2017

Textile industry can boost South African economy: Minister

The textile industry is one of the most strategic platforms through...

Textiles | On 27th Feb 2017

KBR bags LBED revamp contract for LG Chem's ethylene plant

KBR, Inc has bagged a technology licensing and basic engineering...

Interviews View All

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search