PTC Alliance requests two-month exclusivity extension to finish sale

By Jennifer Lanning Drey

Portland, Ore., June 1 - PTC Alliance Corp. requested a two-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

PTC wants to extend the exclusive plan-filing period to Aug. 2 from June 1 and the solicitation period to Oct. 4 from Aug. 30.

In the filing, PTC Alliance said the extension will give the debtors the opportunity to complete the process of selling substantially all of their assets and formulate a plan of reorganization.

On April 21, the court approved the sale of substantially all of PTC's assets to BD PTC Acquisition, Inc. and ABL PTC Holdings LLC.

However, the necessary sale transactions have not yet been consummated, according to Tuesday's filing.

A hearing is scheduled for June 21.

PTC Alliance is a Wexford, Pa., manufacturer and marketer of welded and cold drawn mechanical steel tubing, fabricated parts and precision components and chrome-plated steel bars. The company filed for bankruptcy on Oct. 1, 2009, and its Chapter 11 case number is 09-13395.

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