September 12, 2006
PTCAlliance Corp., Wexford, Pa., has completed the necessary steps to implement its prepackaged plan of reorganization and has successfully emerged from Chapter 11.
Under the plan, the company's senior lenders have exchanged their prepetition debt for all of the equity in the reorganized company. In addition, the company's senior lenders have agreed to provide PTC with a $70 million exit financing credit facility to fund its operations upon its emergence from Chapter 11.
PTCAlliance Corp. manufactures and markets welded and cold-drawn mechanical steel tubing and tubular shapes, fabricated parts, precision components, and chrome-plated steel bars.