Articles tagged with: PTC Alliance Corp

Pittsburgh Tube – PTC Alliance Bankruptcy – Debt Picture and Largest Unsecured Creditors

PTC Alliance Corp. d/b/a Pittsburgh Tube Company (“Pittsburgh Tube”) and its 6 affiliates who also filed bankruptcy on October 1, 2009 (the “Debtors”) have filed a consolidated list of the 30 largest unsecured creditors (the “Top Unsecured Creditor List”).  The total of claims of the 30 top unsecured creditors is substantial, exceeding $3.9 million.  All of the top 30 unsecured creditors are listed as trade creditors.  The vast majority of the top unsecured creditors are material providers and subcontractors.

With no essential supplier or other motion for payment of any pre-petition supplier claims, a first day motion to restrict exercise of reclamation and 503(b)(9) rights and a planned 363 sale to an insider, this is shaping up to be a bloody ugly bankruptcy from a supplier perspective.

Pittsburgh Tube Bankruptcy – Background, Identification of Debtors, Case Numbers and Petition Statistical Information

PTC Alliance Corp. d/b/a Pittsburgh Tube Company (“Pittsburgh Tube”) and 6 affiliated entities (“Debtors”) filed petitions on October 1, 2009 in the Bankruptcy Court for the District of Delaware for relief under Chapter 11 of Title 11 of the United States Code.  The Debtors have moved for joint administration of the Debtors’ cases under case number 09-13395.  The case has been assigned to Judge Christopher S. Sontchi.