Steel Parts Maker PTC Alliance Files For Chapter 11

Law360, New York (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...
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