Under guidance from the U.S. Bankruptcy Court, PTC Alliance has filed proposed bidding procedures for a court-authorized asset sale. Details and dates are subject to court approval which should be finalized and 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.
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, when PTC Alliance and its U.S. subsidiaries filed voluntary petitions for relief.