Steel Parts Maker PTC Alliance Files For Chapter 11

Law360 (May 15, 2006, 12:00 AM EDT) -- Steel parts maker PTC Alliance Corp. will make its second attempt at restructuring in just four years, outlining a debt-for-equity swap in its prepackaged Chapter 11 bankruptcy protection petition.

The PTC filing listed $166.9 million in assets and $204.8 million in debt, a situation that the company hopes to remedy quickly. PTC hopes to secure court approval of its reorganization plan within three months.

The prepackaged filing outlines a plan in which PTC’s senior lenders, including Black Diamond Commercial Finance LLC, will receive equity in the...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.