PTC Gets Go-Ahead On Restructuring Plan

Law360, New York (July 19, 2006, 12:00 AM EDT) -- After a brief stay in Chapter 11 bankruptcy protection, steelmaker PTC Alliance Corp. is poised to reemerge, after a bankruptcy court approved its prepackaged reorganization plan.

A judge in the U.S. Bankruptcy Court for the Western District of Pennsylvania approved the plan just 63 days after PTC filed for bankruptcy. The company hopes to emerge from Chapter 11 by the end of the month.

PTC has also secured $70 million in exit financing from its senior lenders, which “should allow PTC Alliance to emerge from Chapter...
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