Bankruptcy Court Enters Order Approving Sale of Substantially All of PTC Alliance's Assets

WEXFORD, Pa., April 21 /PRNewswire/ -- PTC Alliance (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 the U.S. Bankruptcy Court has entered an order authorizing the sale of substantially all of the company's assets in the U.S. and the stock of its non-debtor German subsidiary, Wiederholt GmbH.

The Hon. Christopher S. Sontchi of the U.S. Bankruptcy Court for the District of Delaware today signed and entered the order on the court docket for the Chapter 11 proceedings.   Copies of the order can be obtained through the court website at www.deb.uscourts.gov.

As previously announced, the sale to agents of the company's credit facilities supported by funds managed by Black Diamond Capital Management L.L.C. was authorized at a hearing on April 14, 2010.

PTC Alliance is represented by law firms DLA Piper LLP and Messana Rosner & Stern LLP in the Chapter 11 proceedings.

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 case number is 09-13395.

About PTC Alliance

PTC Alliance 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. The company's major customers include steel service centers, automotive and truck manufacturers, construction and agricultural equipment OEMs and machinery and appliance makers. With eleven strategically located factories in North America and a manufacturing complex in Germany, PTC Alliance is able to minimize lead time, shipping distance and expense for its customers.

SOURCE PTC Alliance