Bankrupt Smelter Seeks Emergency OK For Extra $10M DIP

Law360, Wilmington (August 15, 2013, 10:31 PM EDT) -- Troubled aluminum smelter Ormet Corp. launched an emergency motion Thursday asking a Delaware bankruptcy judge to bless a $10 million expansion of its debtor-in-possession loan, saying the extra funds are crucial as it fights to stay afloat until its court-approved sale to a private equity firm can close.

Designed to close by the end of July, its $130 million sale to firm Wayzata Investment Partners LLC has been pending while Ormet awaits a key ruling from Ohio utility regulators as a condition of the deal....
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