The U.S. and North American units of PSL Ltd., an Indian steel-pipe maker for the oil and gas industry, sought bankruptcy protection with a plan to sell assets to Jindal Tubular USA LLC for about $100 million, Bloomberg News reported yesterday. PSL-North America LLC and PSL USA Inc., based in Bay St. Louis, Mississippi, each listed assets of more than $50 million and debt of about $130 million in chapter 11 documents filed yesterday. PSL USA, which owns 83 percent of PSL NA, agreed to sell virtually all its assets to Jindal in a deal valued at about $100 million, according to court documents. That offer will set the floor for competing bidders at a court-authorized auction.
