PTC Alliance Corp. will be up for bid next month now that a bankruptcy court judge has authorized auction procedures for the mechanical tubulars producer.

An auction at the New York law offices of DLA Piper US LLP has been scheduled for Dec. 16 to accept bids for the Wexford, Pa.-based manufacturer, which filed for Chapter 11 protection Oct. 1.

At the time of the bankruptcy filing, PTC entered into an asset purchase agreement with funds managed by Black Diamond Capital Management LLC, Greenwich, Conn., its pre-petition term lender, to act as a "stalking horse" bidder for the sale of substantially all of the company's assets. The total value of the...