Feb 22 2010
PTC Alliance, a leading manufacturer and marketer of welded and cold drawn mechanical steel tubing and tubular shapes, fabricated parts, precision components and chrome-plated rod, today announced it is resuming efforts to complete a sale of substantially all of the company's assets in the U.S. and the stock of PTC Alliance's non-debtor German subsidiary, Wiederholt GmbH.
With the benefit of guidance from the U.S. Bankruptcy Court for the District of Delaware, PTC Alliance has publicly filed proposed bidding procedures for a court-authorized asset sale. Details and dates are subject to court approval which PTC expects to be finalized and should be forthcoming in the near future.
"While the timeline for the sale of assets has been extended, the plan has not changed and we at PTC Alliance fully anticipate emerging from this a stronger and more competitive supplier," said Peter Whiting, the company's Chairman and Chief Executive Officer. "We appreciate very much the outstanding efforts of our employees and the overwhelming support of our customers and suppliers, as well as the continued financial support of Black Diamond through our debtor-in-possession financing agreement."
PTC Alliance's operations have continued business-as-usual during the Chapter 11 cases, including full payment to suppliers for goods and services provided since the cases commenced on Oct. 1, 2009.
"We have and continue to provide the highest level of service and premier quality to all of our customers and are continuing to pay all of our suppliers in a timely manner," Whiting said.
PTC Alliance and its U.S. subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code on October 1, 2009 in the U.S. Bankruptcy Court, District of Delaware.
Source: http://www.ptcalliance.com