PTC Alliance Selects Black Diamond as Successful Bidder for Assets
WEXFORD, Pa., Dec. 21 /PRNewswire/ — PTC Alliance (http://www.ptcalliance.com/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 that funds managed by Black Diamond Capital Management L.L.C. (“Black Diamond”), through a special purpose vehicle, BD PT Acquisition Inc, submitted the highest, best, or otherwise financially superior offers for both the purchase of substantially all of the company’s assets in the U.S. and the stock of PTC Alliance’s non-debtor German subsidiary, Wiederholt GmbH.
PTC Alliance, in consultation with the Official Committee of Unsecured Creditors, selected the bids submitted by BD PT Acquisition Inc. as the successful bids at a court-authorized auction on December 17, 2009. A hearing to consider approval of the sales commenced on December 18, 2009, and will resume on January 4, 2010.
Additionally, PTC Alliance obtained an extension of its debtor-in-possession financing through January 5, 2010.
“We believe the offer from Black Diamond both maximizes value for PTC Alliance stakeholders and gives the company the financial support and flexibility necessary to succeed in this challenging environment,” said Peter Whiting, the company’s Chairman and Chief Executive Officer. “We look forward to consummating the sale and continuing to serve our valued customers, seamlessly, through the transition and into the future.”
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.
About Black Diamond Capital Management, L.L.C.
Black Diamond Capital Management, L.L.C. is a leading privately-held alternative asset management firm with approximately $5 billion under management in a combination of hedge funds, structured vehicles and funds with distressed debt /private equity control strategies. Founded in 1995, Black Diamond has offices in Greenwich, CT and Lake Forest, IL.
SOURCE PTC Alliance