Home / Knowledge / News / Textiles / Propex announces court approval for $60mn credit facility
Propex announces court approval for $60mn credit facility
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 5th Dec 2016

EC proposes new tax rules to support e-commerce in EU

The European Commission (EC) has unveiled a series of measures to...

Apparel/Garments | On 5th Dec 2016

Traders to intensify adoption of digital payments

Adoption of digital payments in their existing business format would...

Textiles | On 5th Dec 2016

US textile & apparel exports down 6.44% in Jan-Sept ’16

The exports of textile and apparel from United States were down 6.44...

Interviews View All

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Pranav Mishra

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

Bani Batra

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

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

December 2016

December 2016

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


Browse Our Archives


Advanced Search