Law360, Wilmington (February 26, 2013, 1:09 PM ET) -- Aluminum smelter Ormet Corp. filed for bankruptcy in Delaware Monday to ease the sale of its assets to private equity firm Wayzata Investment Partners LLC, citing a “perfect storm” of dropping aluminum prices and rising costs.
The Hannibal, Ohio-based company — which listed $406 million in assets against $416 million of debt in its Chapter 11 petition — said in a statement that it does not expect the bankruptcy to affect its suppliers or customers.
“Ormet has done everything possible during very difficult financial times to...
Aluminum Smelter Enters Ch. 11, Plans Sale To Wayzata
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