Noranda Press Release
Noranda obtains court approval to sell alumina refinery in Gramercy, Louisiana and bauxite mining operation in St. Ann, Jamaica to DADA Holdings LLC
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<p>Noranda Aluminum Holding Corporation today announced Court approval for the sale of the Company's alumina refinery in Gramercy, Louisiana and bauxite mining operation in St. Ann, Jamaica. Following a competitive auction, New Day Aluminum LLC, an affiliate of DADA Holdings LLC, was selected as the winning bidder for the Company's alumina refinery and bauxite mining operation, with a purchase price of $24.4 million in the form of a secured note.<br /><br />{googleAdsense}<br /><br />A hearing is scheduled for November 4, 2016, to approve Noranda's previously announced global settlement agreement with its secured lenders and the Unsecured Creditors Committee and a motion to dismiss Noranda's Chapter 11 cases. Subject to court approval, the global settlement agreement governs the handling of the Company's remaining obligations and assets, including certain net proceeds from the Company's asset sales. Also, as previously announced, Noranda has filed a motion to dismiss its Chapter 11 cases, since the consummation of the sale described above will result in the disposition of substantially all of the Company's assets and operations.</p>
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