Bankrupt Ormet Seeks Auction For Ohio Plant With $15M Bid

Law360, New York (June 10, 2014, 8:00 PM EDT) -- Ormet Corp. on Monday sought court approval to hold an auction to sell its Ohio smelter with an offer to purchase the plant for $15.2 million in its pocket, according to court documents.

The aluminum company selected CCP ORMT Acquisition LLC as its stalking horse bidder for its Hannibal, Ohio-based plant that can produce up to 270,000 tons of aluminum per year after an agreement with another interested buyer fell through.

If the court signs off on the bidding procedures and the company receives other qualifying...
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