Proliance granted interim approval of common stock trading procedures

By Caroline Salls

Pittsburgh, July 9 - Proliance International, Inc. has been granted interim court approval to establish notice and hearing procedures for trading its equity securities to preserve the company's net operating losses, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The final hearing is scheduled for July 31.

Under the procedures, holders of at least 1.57 million shares, or 4.5% of the company's common stock, must notify the company of their substantial shareholder status within 20 days.

In additional, substantial shareholders are required to notify the company before any sale or transfer of their shares. The company would then have 30 days to object to the proposed transfer.

If the company does object, the transfer cannot be completed without a final, non-appealable court order.

Proliance International, a New Haven, Conn.-based manufacturer and distributor of aftermarket heat transfer and temperature control products for automotive and heavy-duty applications, filed for bankruptcy on July 2 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-12278.

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