Bankrupt Ormet Gets Nod For PBGC Pension Takeover

Law360, Wilmington (October 17, 2013, 4:48 PM EDT) -- Troubled aluminum smelter Ormet Corp., whose planned sale to a private-equity firm came apart earlier this month, received permission from a Delaware bankruptcy judge Thursday to hand off two of its three pension plans to the Pension Benefit Guaranty Corp.

At a hearing in Wilmington, U.S. Bankruptcy Judge Mary F. Walrath agreed to sign off on the unopposed motion, which authorizes Ormet to terminate the two employee plans and hand them over to PBGC under a trusteeship agreement.

PBGC agreements had already been in the works,...
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