Ormet Corp (ORMTQ) 0.0100 $ORMTQ
Sale of Ormet Corporation to Smelter Acquisition, LLC Approved by Bankruptcy Court; Operations to Continue Without Interruption
Business Wire - Tue Jun 04, 2:01PM CDT
On June 3, the United States Bankruptcy Court for the District of Delaware approved the sale of substantially all of the assets of Ormet Corporation, a leading producer of primary aluminum, and certain of its affiliates to Smelter Acquisition, LLC, a portfolio company owned by private investment funds managed by Wayzata Investment Partners LLC ("Wayzata"

. Ormet Corporation and certain of its affiliates filed for bankruptcy protection in the United States Bankruptcy Court for the District of Delaware in late February to effectuate a financial restructuring of the Company. In connection with its restructuring, the Company received aggregate commitments of $90 million of DIP Financing, consisting of $30 million in Term DIP financing from Wayzata and a $60 million DIP facility from Wells Fargo, which replaced its $60 million pre-petition revolver with Ormet. The DIP financings provided the Company with sufficient liquidi