Bankrupt Smelter Wins $10M DIP Package, Bill Relief

Law360, Wilmington (August 21, 2013, 10:43 PM EDT) -- Strapped for cash while waiting to close a buyout to a private equity firm, bankrupt aluminum smelter Ormet Corp. won approval Wednesday to take on $10 million in additional financing and put off nearly $11 million in utility bills.

The $130 million sale to private equity firm Wayzata Investment Partners LLC — approved by a Delaware bankruptcy judge in June and designed to close by the end of July — has been stalled as parties await a potentially deal-breaking ruling from an Ohio regulatory agency....
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