PTC Seamless Tube Corp., a steel tubing mill under construction in Hopkinsville, Ky., filed a Chapter 11 petition in Pittsburgh on April 26 due to cost overruns and delays (In re PTC Seamless Tube Corp., Bankr. W.D. Pa., 15-21445, petition filed 4/26/15).
The company was created to acquire a seamless-tube plant in Croatia and relocate it to North America. The project was estimated to cost about $68 million and set to begin production in September 2014, according to court papers.
The mill was geared toward the oil and gas market, according to a company statement.
Seven months ...
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