PTC Alliance Consummates Asset Sale; Combined Company Renamed PTC Alliance Holdings Corp.
WEXFORD, Pa., Aug. 31 /PRNewswire/ -- PTC Alliance Corp. (www.ptcalliance.com), 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 has consummated the sale of substantially all of the company's assets to funds managed by Black Diamond Capital Management L.L.C.
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.
"PTC Alliance Holdings now has a financing structure appropriate for the kind of cyclical industry we are in, combined with a proven team of employees that can manage through even the most difficult of times," Whiting said. "We've significantly reduced our liabilities and our operating costs, will be debt free, and are well positioned for future investment and growth.
"Our goal during this restructuring was to create a new, revitalized entity with the resources to continue to provide the highest quality products and services to our customers," Whiting said. "I am pleased to report we have, without question, achieved that goal."
As previously announced, 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 for the District of Delaware.
The company entered into an agreement to sell substantially all of its assets to funds managed by Black Diamond Capital Management L.L.C. following a court-authorized auction process to ensure it was maximizing the value of the company and best-positioning it for future success. The funds managed by Black Diamond Capital Management L.L.C. were selected as the winning bidders and the sale was approved at a court hearing in April.
"Through the determination, talent, and commitment of our employees, the company was able to operate business as usual throughout this process and ensure our customers were properly served and our business partners could depend on us," Whiting said. "Those commitments remain the bedrock of PTC Alliance Holdings Corp."
About PTC Alliance Holdings Corp.
PTC Alliance Holdings Corp. is a leading manufacturer and marketer of welded and cold drawn mechanical steel tubing and tubular shapes, fabricated parts, precision components and chrome-plated rod and tube. The company's major customers include industry leading steel service centers, automotive and truck manufacturers, construction and agricultural equipment OEMs and machinery and appliance makers. With ten strategically located factories in North America, PTC Alliance is the leading innovator in supply chain logistics, product development, and collaborative cost management programs, for its customers.
SOURCE PTC Alliance Holdings Corp.