PTC Alliance's Wiederholt Subsidiary Files for Insolvency in Germany

WEXFORD, Pa., March 31 /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 its Wiederholt GmbH subsidiary filed for insolvency in Germany on March 30.

The filing is not expected to impact parent PTC Alliance's U.S. operations or their ability to continue paying suppliers on normal terms and serving customers. There are no parent company guarantees on Wiederholt's liabilities. Additionally, Wiederholt's financing was separate and independent from the parent company.

PTC Alliance owns all of the equity of Wiederholt.

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, District of Delaware. The case 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