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PTCAlliance Shareholders OK Restructuring

PTCAlliance Shareholders OK Restructuring

Tuesday, November 26, 2002
 
Shareholders of PTCAlliance, Pittsburgh, PA, a producer of welded and cold-drawn mechanical steel tubing and related products, have approved a recapitalization to increase equity and reduce outstanding debt. Also, the company completed restructuring of its bank debt and transfer of equity to secured lenders. “Throughout the restructuring process, our goal was to preserve our market leadership and the continuity of our strategy, and we’ve succeeded in those areas,” said Peter Whiting, PTCAlliance president and CEO. “Now we can move full-speed ahead in expanding to meet our customers’ requirements and improve service levels as the economy recovers.” He also said the restructuring increases the company’s ability to maneuver in the competitive environment of the steel-tubing industry. For more on PTCAlliance, visit www.ptcalliance.com.

 

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