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.