Bankrupt Ormet Lines Up Extra $10M DIP To Fund Wind Down

Law360, Wilmington (October 31, 2013, 5:06 PM ET) -- Aluminum smelter Ormet Corp. asked a Delaware bankruptcy judge Wednesday to approve an additional $10 million of debtor-in-possession financing designed to fund the company's wind down, which includes a $39.4 million sale of its Louisiana refinery.

Under Ormet's emergency DIP motion, private equity firm Wayzata Investment Partners LLC — a prepetition creditor whose deal to purchase the company fell apart last month — would enlarge its existing $40 million term loan by $10 million.

The funds are key to Ormet's plan to sell its Louisiana facility...
To view the full article, register now.




Case Information

Case Title

Ormet Corporation

Case Number




Nature of Suit

Date Filed

February 24, 2013

Law Firms


Government Agencies

Dewey Verdict Watch

Follow our exclusive coverage of the trial of the year:

Click here for the latest