Propex asks for court approval of $3.1 million sale of Alto facility

By Jennifer Lanning Drey

Portland, Ore., June 9 - Propex Inc. requested court approval for the proposed $3.1 million sale of its manufacturing operations in Alto, Ga., to Lumite, Inc., according to a Friday filing with the U.S. Bankruptcy Court for the Eastern District of Tennessee.

Lumite will pay a $300,000 deposit.

Propex is not proposing a formal auction process; however, the agreement is subject to higher or better offers prior to the sale hearing.

The sale hearing is scheduled for June 25.

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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