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May 9, 2008 |
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SPANSION INC: Fitch Affirms Issuer Default Rating at B- Propex Inc. and its debtor-affiliates seek authority from the U.S. Bankruptcy Court for the Eastern District of Tennessee to reject two office leases covering their location at 6025 Lee Highway, in Chattanooga that they no longer need. The Leases are: (a) a lease between the Debtors, as lessee, and The Raines Group, Inc., as managing agent for Chattanooga-Lee, LLC, dated February 14, 2006, as amended on October 5, and December 24, 2007; and (b) a lease between the Debtors and Raines Group, dated October 26, 2006, as amended on December 24, 2007. The Debtors vacated the leases on April 30, 2008, and will turn over full and complete access of the lease premises to the landlord on that date. According to Edward L. Ripley, Esq., at King & Spalding, LLP, in Houston, Texas, vacating and turning over the space provided under the Leases, along with the rejection of the leases, will save the Debtors approximately US$5,230 each month. "Immediate rejection of these leases is in the best interest of the Debtors' estates," he says. Headquartered in Chattanooga, Tennessee, Propex Inc. -- http://www.propexinc.com/ -- produces geosynthetic, concrete, furnishing, and industrial fabrics and fiber. It is produces primary and secondary carpet backing. Propex operates in North America, Europe, and Brazil. The company and its debtor-affiliates filed for Chapter 11 protection on Jan. 18, 2008 (Bankr. E.D. Tenn. Case No. 08- 10249). The debtors' has selected Edward L. Ripley, Esq., Henry J. Kaim, Esq., and Mark W. Wege, Esq. at King & Spalding, in Houston, Texas, to represent them. As of Sept. 30, 2007, the debtors' balance sheet showed total assets of US$585,700,000 and total debts of US$527,400,000. The Debtors' exclusive period to file a plan of reorganization expires on May 17, 2008. (Propex Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000) |
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