Aluminum Smelter Cleared To Borrow Up To $75M In Ch. 11

Law360, Wilmington (February 27, 2013, 5:09 PM EST) -- Ormet Corp. won Delaware bankruptcy court approval Wednesday to borrow up to $75 million to sustain its aluminum smelting operations as it works toward a planned sale of the business to a private equity firm.

At a first-day hearing in the case, U.S. Bankruptcy Judge Mary F. Walrath signed off on the first portion of a debtor-in-possession financing package from Wells Fargo Capital Finance LLC and Wayzata Investment Partners LLC, the private equity firm aiming to acquire Ormet.

Wells Fargo provided a $60 million revolving loan...
To view the full article, register now.