Propex sets bid procedures for Dalton property sale

By Caroline Salls

Pittsburgh, Feb. 26 - Propex Inc. requested court approval of the proposed sale of its 12.5-acre Dalton, Ga., property, according to a Tuesday filing with the U.S. Bankruptcy Court for the Eastern District of Tennessee.

The company said it ceased operations at the Dalton property in early 2007, and the property has been unused and vacant since then.

The auction will be held May 16, and the sale hearing is scheduled for May 21.

According to the motion, the auctioneer will market the property in three separate tracts, with each tract including a separate building and parking lot.

After the auction for each separate tract, Propex said the auctioneer will take bids for a possible sale of all three tracts.

The company and auctioneer will then decide whether they should sell the three tracts together or separately.

All bids must include a 10% deposit.

A hearing on approval of the bid procedures is scheduled for March 26.

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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