Update #12

Update on PTC Alliance Bankruptcy Sale Hearing.

On January 14, 2010, the Bankruptcy Court in Delaware announced that it was granting the objection that CIT Group had filed to PTC’s plan to sell its business to Black Diamond. CIT is one of PTC’s pre-bankruptcy lenders and has liens on some of PTC’s assets. PTC complained that proposed sale to Black Diamond would cause CIT to receive less than what they are owed as a result of its liens. The Bankruptcy Court agreed, and by granting CIT’s objection, the Bankruptcy Court denied the sale motion.

It is our understanding that Black Diamond still wishes to own PTC, though nothing has been filed with the Bankruptcy Court to revise the sale motion. If PTC files a revised sale motion, it is possible that there may be some additional time to allow other potential purchasers to make a bid. Regardless of what happens, we expect that we will need to deal with Black Diamond. And, if PTC files a revised sale motion, the Union’s objections to the sale will still be able to be heard if we are unable to negotiate a mutually agreeable contract with PTC and Black Diamond.

We know that the uncertainty of the recent months has been difficult for all of us. Your continued support of your union and this Grievance Committee, particularly as we return to the bargaining table, remains the key to our success.