Propex carpet manufacturer, which employs almost two thousand Georgians, is filing for bankruptcy.
With the housing slump, and fall out from shaky sub prime mortgages, bankers will not offer refinancing for Propex.
Company Vice President, Matt Bridges said he expects Propex to come out of the bankruptcy intact.
“This chapter filing is not about head counts or plants closing or some of the things you read about in higly publicized Chapter 11 filings. It is all about our balance sheet. It is about creating a more healhty Propex with less debt on the balence sheet and in essence, becomming a stronger company,” said Bridger.
Bridger said all 1700 Georgia workers will keep their jobs.
“So many of our businesses are tied to the housing market and the residential construction business. However, we have some very unique and aggressive marketing strategies that will hopefully drive more volume into these plants.”
The company runs five plants in Georgia.
