Propex seeks five-month exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., April 24 - Propex Inc. requested a five-month extension to its exclusive periods to file a plan of liquidation and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the Eastern District of Tennessee.

The company wants to extend the exclusive plan-filing period to Oct. 18 from May 19 and the solicitation period to Dec. 17, 2008 from July 16.

Propex said negotiations with its official committee of unsecured creditors have been time consuming thus far and developing a business plan is also expected to take more time.

A hearing is scheduled for May 14.

Propex is a Chattanooga, Tenn., producer of primary and secondary carpet backing. It filed for bankruptcy on Jan. 18, and its Chapter 11 case number is 08-10249.

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