Bankruptcy Court Clears Way for Sale of PTC

The U.S. Bankruptcy Court has authorized PTC Alliance, Wexford, Pa., to sell substantially all of its assets in the United States, as well as the stock of its non-debtor subsidiary, Wiederholt GmbH. The sale was completed to agents of the company's credit facilities supported by funds managed by Black Diamond Capital Management LLC.

"The sale marks the beginning of a new era for PTC Alliance," says Peter Whiting, the company's chairman and CEO. "Now that the cloud of uncertainty about our future has been lifted, we can focus all of our time and energy on providing our customers with the highest quality products and services."

The sale agreement includes various considerations totaling about $145 million.

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Tuesday, July 26, 2016