Bankrupt Ormet Gets Nod For $39M Plant Sale

Law360, Wilmington (November 07, 2013, 9:28 PM ET) -- A Delaware bankruptcy judge on Thursday blessed Ormet Corp.'s $39.4 million sale of its Louisiana refinery to Almatis Inc. after allowing the troubled aluminum company to continue winding down in Chapter 11 under an interim operating budget.

Opposition to Ormet's wind-down plan and a motion by the U.S. trustee to convert the case to Chapter 7  threatened to derail the otherwise popular Almatis deal, but U.S. Bankruptcy Judge Mary F. Walrath temporarily defused those issues so the sale could move forward.

At a hearing in Wilmington,...
To view the full article, register now.