Propex Inc. in Chattanooga, Tenn., emerged from Chapter 11 bankruptcy protection as a court approved the sale of company assets to a fund managed by a
Propex Inc. in Chattanooga, Tenn., emerged from Chapter 11 bankruptcy protection as a court approved the sale of company assets to a fund managed by a Minneapolis private equity firm, Wayzata Investment Partners. After consummating the deal last month, Wayzata officials renamed the business Propex Holding, LLC, appointing Stan Brandt, Jr., president and chief executive officer.
A key player in synthetic concrete-reinforcing fibers, Propex saw a restructuring of debt and balance sheet improvement during a 14-month Chapter 11 reorganization. Under Wayzata Investment, Propex emerges from bankruptcy with a strong foundation and sufficient liquidity to aggressively expand its market leadership, according to Brandt, who takes the helm after serving as executive vice president and chief operating officer.