US Trustee Wants Ormet Bankruptcy Converted To Ch. 7

Law360, Wilmington (October 25, 2013, 9:30 PM EDT) -- The U.S. trustee's office on Friday blasted aluminum smelter Ormet Corp.'s move to wind down operations in the wake of a failed going-concern sale as unfunded and undefined, and urged a Delaware bankruptcy judge to convert the case to Chapter 7.

U.S. Trustee Roberta A. DeAngelis objected to Ormet's motion seeking to wind down the company, saying there was no budget in place to fund the process, the terms of which have not even been finalized.

“Given the debtors’ inability to close a pending sale and...
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