St. Louis Judge gives consent to Noranda's aluminium foil business bankruptcy sale

<p>The bankruptcy sale of Noranda's Aluminium Foil business to the Swedish rolled aluminium products supplier Granges AB has been approved by St. Louis bankruptcy Judge Barry Schermer on Tuesday. <br /><br />According to the Wall Street Journal, Granges will buy Noranda Aluminium's foil division for US$309.7 million, of which US$7.5 million will go to the latter's unsecured creditors as sale proceeds.<br /><br />The unsecured creditors, as per reports, will also receive 10 per cent of Noranda&rsquo;s &ldquo;Primary Aluminium&rdquo; business sale proceeds. The primary aluminium business which is up for sale presently and will be auctioned off in September includes bauxite mines in St. Ann, Jamaica, a refinery in Gramercy, Louisiana and the now closed smelter in New Madrid, Missouri. <br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/Noranda%20aluminium.jpg" alt="News" /><br /><br />Tennessee-based Noranda Aluminum Holding Corp. filed for bankruptcy in February this year after posting a loss of $26.6 million on sales of $1.36 billion for 2014. <br /><br />Noranda was the largest consumer of electricity in the state and Ameren Missouri&rsquo;s largest customer before it decided to idle its New Madrid smelter in March.</p>