PSL-North America files for Chapter 11

Jun 19, 2014 | 05:24 PM | Thorsten Schier

Tags  PSL USA, PSL-North America, Chapter 11, Jindal Tubular USA, Jindal Saw, stalking horse bidder, auction, water transmission Thorsten Schier

NEW YORK — Large-diameter spiral-weld pipe maker PSL-North America LLC and PSL USA Inc. have filed for Chapter 11 bankruptcy protection, with PSL-North America’s assets set to be sold at auction, according to documents filed in U.S. Bankruptcy Court in Delaware.

PSL USA owns a majority stake in PSL-North America. Both are subsidiaries of Mumbai, India-based PSL Ltd.

The companies listed assets of more than $50 million and liabilities in excess of $100 million owed to between 100 and 199 creditors.....

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