PTC Alliance Selects Successful Bidder for Assets

WEXFORD, Pa., April 8 /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 it has selected a bid submitted by the agents of the company's credit facilities and supported by funds managed by Black Diamond Capital Management L.L.C. as the highest and best offer for substantially all of the company's assets in the U.S. and the stock of its non-debtor German subsidiary, Wiederholt GmbH.

The winning bid is subject to court approval at a bankruptcy court hearing that is scheduled for Monday, April 12.

"This is an important step in our progress towards concluding the Chapter 11 cases and ensuring a long term future for our employees and our customer and supplier relationships," said Peter Whiting, the company's Chairman and Chief Executive Officer.  "We were pleased to see such a spirited auction, which underlines our strategic importance to the industry.  We are looking forward to having this decision confirmed by the bankruptcy court in the near future."

The bid that PTC Alliance deemed as the Successful Bid after spirited bidding between interested parties is comprised of:

• Credit bids in the amount of approximately $120 million,
• Assumption of amounts owed by PTC Alliance pursuant to certain debtor-in-possession financing in the amount of $5 million,
• Payment of certain bankruptcy related costs in the amount of up to $6.6 million,
• The assumption of other liabilities up to $13 million, and a
• Payment of $500,000 in cash.

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