Ormet's Ch. 11 Wind-Down Plan Put On Hold

Law360, Wilmington (October 28, 2013, 9:57 PM ET) -- A Delaware bankruptcy judge on Monday delayed consideration of Ormet Corp.'s proposed wind-down plan until next week, leaving the aluminum smelter without an approved budget as it looks to maximize its value in Chapter 11.

Ormet's $130 million sale fell apart earlier this month and the Ohio-based company subsequently filed an emergency motion seeking approval to wind down operations, but U.S. Bankruptcy Judge Mary F. Walrath said at a Monday hearing that she had “significant problems” with the proposal's lack of details.

“Can we push this...
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