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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.