Bankrupt Smelter Ormet Gets OK For $130M Sale To PE Firm

Law360, Wilmington (June 3, 2013, 10:23 PM EDT) -- A Delaware bankruptcy judge on Monday approved the sale of Ormet Corp. to private equity firm Wayzata Investment Partners LLC, greenlighting a more than $130 million deal that will preserve the Ohio-based aluminum smelter as a going concern.

The Pension Benefit Guaranty Corp., on the hook for more than $260 million in underfunded pension plans, urged the court to reject Wayzata's stalking horse bid as a sub rosa Chapter 11 plan, but U.S. Bankruptcy Judge Mary F. Walrath rejected the request and agreed to sign off...
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