Bankrupt Aluminum Smelter Melts Opposition to $90M DIP
By Jamie Santo
Law360, Wilmington (March 21, 2013, 10:11 PM EDT) -- Having smoothed over differences with two key creditors, aluminum smelter Ormet Corp. on Thursday submitted final versions of its Chapter 11 bidding procedures and $90 million debtor-in-possession financing package, which enshrines private equity firm Wayzata Investment Partners LLC as the stalking horse bidder, for a Delaware bankruptcy judge's approval.
Earlier iterations of the $90 DIP facility and the auction procedures had come under fire from the Pension Benefit Guaranty Corp. and Ormet's committee of unsecured creditors. Despite fruitful discussions the parties hadn't been able to hammer...