PTC Alliance Obtains Court Authority to Proceed with Sale Auction
03/16/2010 - PTC Alliance has obtained court approval to conduct an auction for the sale of substantially all of the company's assets in the U.S. and the stock of its non-debtor German subsidiary, Wiederholt GmbH.
PTC Alliance has obtained court approval to conduct an auction for the sale of substantially all of the company's assets in the U.S. and the stock of its non-debtor German subsidiary, Wiederholt GmbH.
Bids must be submitted by March 29, under the terms of the order that was signed March 10. Qualified bidders that submit a bid to purchase any of the debtor's assets will be eligible to participate in an auction on April 5 at the offices of DLA Piper LLP US in New York.
The Bankruptcy Court will consider approval of the sale to the highest and best bidder at a hearing scheduled for April 12. Black Diamond Capital Management LLC has agreed to continue providing debtor-in-possession financing during this process.
"PTC Alliance continues to progress towards a successful conclusion of our restructuring," said Peter Whiting, the company's Chairman and Chief Executive Officer. "We remain committed to conducting business as usual and serving all of the needs of our customers throughout this process. We have paid, and will continue to pay, all of our suppliers in full for goods and services provided since the Oct. 1, 2009, filing date."
PTC Alliance and its U.S. subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court, District of Delaware.
PTC Alliance is a leading manufacturer and marketer of welded and cold drawn mechanical steel tubing and tubular shapes, fabricated parts, precision components and chrome-plated rod. The company's major customers include steel service centers, automotive and truck manufacturers, construction and agricultural equipment OEMs, and machinery and appliance makers. It has 11 factories in North America and a manufacturing complex in Germany.
