Continuing its positive upward momentum
TEMPE, Ariz., July 26, 2021--(BUSINESS WIRE)--PCT International has received Court approval for $5 million in funding upon Confirmation of its Chapter 11 Plan from TRGP Investment Partners, LP. TRGP has a successful track record of helping companies in similar circumstances to focus on growth and opportunity.
This funding bolsters PCT’s Chapter 11 plan as it heads toward Confirmation and demonstrates the strength of the malpractice claim against Robins Kaplan LLP. The funding will be provided by TRGP to PCT on a contingency basis. PCT is only required to repay the funding from the malpractice case winnings upon receipt of payment on its malpractice claim against Robins Kaplan. The funds advanced by TRGP are specifically available to pay creditors under the pending plan of reorganization, which has garnered the support of over 97% in amount and number of creditors in the case. The sole objector to the approval of the plan is Robins Kaplan.
Robins Kaplan was also the only party opposing the funding and the Court approved it over their objections. PCT’s General Counsel, Doug Drury noted: "We found Robins Kaplan’s objections to the funding odd. If they were confident in prevailing, why would they oppose $5 million in funding that wouldn’t have to be repaid if they won the malpractice case?"
In August of 2019, PCT engaged Leo Beus of the nationally renowned law firm of Beus Gilbert McGroder, PLLC of Phoenix, Arizona, to represent it in its malpractice case on a full contingency basis. BGM’s participation was instrumental in demonstrating the strength of the case and securing the TRGP funding. PCT continues its upward momentum and these positive developments are a direct reflection of the success, innovation, and growth that is to come.
PCT International, Inc. is a privately owned company serving a significant segment of the global telecommunications infrastructure. PCT has manufactured over 1,000,000 miles of coaxial cable with its proprietary technology. PCT has also sold over three billion cable connectors around the world. PCT’s patented coaxial cable and connectors have been installed in millions of homes and businesses worldwide. To learn more, visit, http://www.pctinternational.com/our-company/.
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