PTC Alliance Employees Ratify New Collective Bargaining Agreements

WEXFORD, Pa., July 29 /PRNewswire/ -- PTC Alliance (www.ptcalliance.com), a leading manufacturer and marketer of welded and cold drawn mechanical steel tubing and tubular shapes, fabricated parts, precision components and chrome-plated rod, announced today that employees at its facilities in Alliance, Ohio and Darlington, Pennsylvania have ratified new collective bargaining agreements. These agreements, together with new accords that have already been ratified by employees at four additional facilities, will enable PTC Alliance to complete the sale of substantially all of the Company's assets to funds managed by Black Diamond Capital Management L.L.C., which was authorized by the U.S. Bankruptcy Court in Delaware on April 21, 2010.

"These agreements enable PTC Alliance to execute our business plan and provide our customers with the highest quality products and services while ensuring all of our highly skilled union represented employees are compensated fairly," said Peter Whiting, the Company's Chairman and Chief Executive Officer. "The modified collective bargaining agreements are essential to closing the sale and allowing the Company to emerge from Chapter 11 as a stronger and more viable organization."

"I'd also like to thank all of the union represented employees and their elected leadership for their role in reaching this agreement which will ensure the long-term survival and growth of PTC Alliance.  This is now a business that people want to invest in, both in terms of our assets and our people, and we can be confident of our future," Whiting added.

Ratification of the new collective bargaining agreements with employees in Alliance, Ohio and Darlington, Pennsylvania came after the U.S. Bankruptcy Court for the District of Delaware on July 15, 2010 approved modifications to labor agreements with employees at the Company's Richmond, Indiana; Fairbury, Illinois; Dixmoor, Illinois; and Jane Lew, West Virginia facilities.

PTC Alliance and its U.S. subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code on October 1, 2009 in the U.S. Bankruptcy Court for the District of Delaware. The case number is 09-13395.

As previously announced, the sale to agents of the company's credit facilities supported by funds managed by Black Diamond Capital Management L.L.C. was authorized at a hearing on April 21, 2010.

About PTC Alliance

PTC Alliance is a leading manufacturer and marketer of welded and cold drawn mechanical steel tubing and tubular shapes, fabricated parts, precision components and chrome-plated rod. The company's major customers include steel service centers, automotive and truck manufacturers, construction and agricultural equipment OEMs and machinery and appliance makers. With eleven strategically located factories in North America, PTC Alliance is able to minimize lead time, shipping distance and expense for its customers.

SOURCE PTC Alliance