PTC Alliance opts for stalking horse amid objections
Dec 21, 2009 | 12:07 PM
| Maria Guzzo
PTC Alliance Corp.'s stalking horse bidder has submitted the best bid at an auction of the company's assets, but the sale hearing will continue on Jan. 4 to resolve objections surrounding the bid, it said late Monday.
Wexford, Pa.-based PTC Alliance said funds managed by Black Diamond Capital Management LLC, through special purpose vehicle BD PT Acquisition Inc., submitted the highest, best or otherwise financially superior offers for both the purchase of substantially all of the company's assets in the United States and for the stock of PTC Alliance's non-debtor German subsidiary, Wiederholt GmbH.....
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