Update #16

To: The members of local 3059

On April 5, 2010, PTC conducted an auction for all of its assets. Black Diamond was found to have submitted the highest and best offer. Black Diamond is the hedge fund that owns PTC today and that is PTC’s main lender in the bankruptcy case.

​The bankruptcy court hearing to approve the sale is scheduled for April 12. The CIT Group, which is another of PTC’s lenders, has filed an objection to the sale to Black Diamond.

​PTC and Black Diamond have set May 15 as a deadline for reaching acceptable labor agreements with the USW at the Alliance, Ohio plant, as well as at Darlington, Pennsylvania, Jane Lew, West Virginia, and Richmond, Indiana. If the parties are unable to reach an agreement by the May 15 deadline, it is possible that PTC may file a motion under Section 1113 of the Bankruptcy Code to reject our current labor agreements.

​As a result of all of this, we will resume talking with company in an effort to try and work out are differences in the very near future. We will continue to need your support as we work our way through these troubled times. If you have any questions please talk to one of the local union grievance committee or officers or visit us at usw3059.blogspot.com.

Thank you for your continued support.

​USW Local 3059 Grievance Committee