Theintelligencer.net
US Court approves sale of bankrupt aluminum smelter
Edited by : AL CIRCLE
1 min read
Operations at Ormet Corp. are expected to continue as usual after a federal judge approved the sale of the company for $221 million to Smelter Acquisition LLC, a subsidiary of Minnesota-based Wayzata Investment Partners.
The U.S. Bankruptcy Court in Delaware on Tuesday approved the sale of all Ormet’s assets. The ruling comes in the wake of a February bankruptcy filing by Ormet, seeking protection during efforts to financially restructure the company.
A hearing regarding the sale originally was set for May 15. That hearing was rescheduled for May 22 after Washington, D.C. based Pension Benefit Guaranty Corp. objected to the sale, citing Ormet retirement plans that are underfunded by more than $235 million. Prior to Ormet’s bankruptcy filing, PBGC officials confirmed Ormet had missed at least $1 million worth of required pension payments.
The U.S. Bankruptcy Court in Delaware on Tuesday approved the sale of all Ormet’s assets. The ruling comes in the wake of a February bankruptcy filing by Ormet, seeking protection during efforts to financially restructure the company.
A hearing regarding the sale originally was set for May 15. That hearing was rescheduled for May 22 after Washington, D.C. based Pension Benefit Guaranty Corp. objected to the sale, citing Ormet retirement plans that are underfunded by more than $235 million. Prior to Ormet’s bankruptcy filing, PBGC officials confirmed Ormet had missed at least $1 million worth of required pension payments.
Previous article
Constellium considers divestiture of Ussel, France plant
Next articleEdmonton pioneers the use of aluminum electric cable in oil pipelines
Grow with
AL Circle
