PTC faces stalking horse objections
Dec 22, 2009 | 10:43 AM
| Maria Guzzo
PTC Alliance Corp. is favoring its stalking horse as the best bidder at an auction of the company's assets, although the sale hearing will continue on Jan. 4 to resolve objections surrounding the bid, the company 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.
PTC Alliance, in consultation with the official committee of unsecured creditors, said it selected the bids submitted by BD PT Acquisition Inc. as the successful bids at a court-authorized auction on Dec.17. A hearing to consider approval of the sales began Dec. 18 and will resume Jan. 4, 2010.
ArcelorMittal USA, the United Steelworkers union, John Maneely Co., CIT Middle Market Loan Trust III, CIT Group/Business Credit Inc. and Grand Central Asset Trust on Dec. 11 filed court documents objecting to the deal, suggesting Black Diamond and PTC Alliance were thwarting efforts by others to bid on the company.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.