Court Okays PTC Alliance Asset Sale; Company Marks `Beginning of New Era’

PTC Alliance, a manufacturer and marketer of welded and cold drawn mechanical steel tubing and tubular shapes, fabricated parts, precision components and chrome-plated rod, announced April 15 that the U.S. Bankruptcy Court for the District of Delaware has authorized the sale of substantially all of the company’s assets in the United States and the stock of its non-debtor German subsidiary, Wiederholt GmbH (In re PTC Alliance Corp.).

Judge Christopher S. Sontchi, who is presiding over the case, authorized the sale to agents of the company’s credit facilities supported by funds managed by Black Diamond Capital Management LLC at ...