Wexford, Pennsylvania-based PTC Alliance, a manufacturer and marketer of welded and cold drawn mechanical steel tubing and tubular shapes, fabricated parts, precision components and chrome-plated rod, Thursday announced the US Bankruptcy Court has authorized the sale of substantially all of the company's assets in the US and the stock of its non-debtor German subsidiary, Wiederholt GmbH.
The sale to agents of the company's credit facilities supported by funds managed by Black Diamond Capital Management LLC was authorized at a hearing on April 14, 2010.
"The sale marks the beginning of a new era for PTC Alliance," said Peter Whiting, the company's Chairman and Chief Executive Officer. "Now that the cloud of uncertainty about our future has been lifted, we can focus all of our time and energy on providing our customers with the highest quality products and services."
Christopher Boyle, Managing Director of Black Diamond Capital Management stated, "We look forward to building upon the company's core strengths and serving the needs of its customers."
PTC Alliance has been operating business as usual throughout the Chapter 11 process and expects to continue to do so.
PTC Alliance and its US subsidiaries filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code on October 1, 2009 in the US Bankruptcy Court for the District of Delaware. The case number is 09-13395.