Precision Custom Coatings LLC (PPC) announced that it has reached a consensual agreement with its bank group and the committee members for unsecured creditors to reorganize. The final court approval and confirmation is expected within ninety days.
The new restructuring will allow PCC to emerge from Chapter Eleven status to a stronger, more aggressive global company. The management team which will guide the new company under the direction of Chairman/COO Peter Longo, President/CEO Scott Tesser and Vice President/CFO Mark Sherman.
"This is great news for PCC distributors and global customers," stated Tesser. "We thank everyone for their loyalty and look forward to running a strong and innovative company that will dedicate itself to finding solutions and products to meet the manufacturing needs of the new millennium."
Edited by Anndrea Vorobej