Wexford, Pennsylvania, US-based welded and cold drawn mechanical steel tubing manufacturer PTC Alliance announced on March 31 that its German subsidiary Wiederholt GmbH filed for insolvency in Germany on March 30.
The filing is not expected to impact parent PTC Alliance's US operations or their ability to continue paying suppliers on normal terms and serving customers. There are no parent company guarantees on Wiederholt's liabilities as Wiederholt's financing was separate and independent from the parent company. PTC Alliance owns all of the equity of Wiederholt.
As SteelOrbis previously reported, PTC Alliance obtained court approval in mid-March to conduct an auction for 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 mentioned process still continues.