PTC Alliance seeks more time to file plan in light of asset sale

By Lisa Kerner

Charlotte, N.C., March 30 - PTC Alliance Corp. requested an extension to file a plan of reorganization and solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend the exclusive plan-filing period to June 1 from March 31 and the solicitation period to Aug. 30 from May 30.

A hearing has been scheduled for April 19.

In the filing, PTC Alliance said an extension will give the debtors the opportunity to complete the process of selling substantially all of their assets and formulate a plan of reorganization. A sale auction is scheduled for April 5 and a sale hearing is scheduled for April 12.

Previously the court extended the exclusive plan-filing period to March 31 from Jan. 29 and the solicitation period to May 30 from March 30.

PTC Alliance is a Wexford, Pa., manufacturer and marketer of welded and cold drawn mechanical steel tubing, fabricated parts and precision components and chrome-plated steel bars. The company filed for bankruptcy on Oct. 1, and its Chapter 11 case number is 09-13395.

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