On August 31, Wexford, Pennsylvania, US-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, announced that it has consummated the sale of substantially all of the company's assets to funds managed by Black Diamond Capital Management LLC.
The company, now known as PTC Alliance Holdings Corp., will continue to be managed by the same executive team, including chairman, president and CEO Peter Whiting.
As SteelOrbis previously reported, in April this year the US Bankruptcy Court had 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.