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Ormet Corporation

  1. October 17, 2013

    Bankrupt Ormet Gets Nod For PBGC Pension Takeover

    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.

  2. July 23, 2013

    Bankrupt Smelter Can Cut Operations As It Awaits Utility Ruling

    A Delaware bankruptcy judge Tuesday allowed aluminum smelter Ormet Corp. to curtail operations at both of its facilities as it waits for a decision from Ohio utility regulators on a power agreement crucial to closing its $130 million sale to private equity firm Wayzata Investment Partners LLC.

  3. July 10, 2013

    Bankrupt Smelter Says Utility Deal Not A Contract

    Bankrupt aluminum smelter Ormet Corp. argued Tuesday that the Ohio utility trying to block the company from altering its power agreement before transferring it to a private-equity buyer is off base because the deal is not actually a contract, but a state-mandated arrangement.

  4. July 08, 2013

    Utility Wants Bankrupt Smelter Kept From Altering Energy Deal

    An Ohio utility launched a suit in Delaware bankruptcy court Monday seeking to block aluminum smelter Ormet Corp.'s bid to have a state commission modify its power agreement before transferring it to its private equity buyer.

  5. June 03, 2013

    Bankrupt Smelter Ormet Gets OK For $130M Sale To PE Firm

    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.

  6. May 17, 2013

    Bankrupt Smelter Says $130M Sale Kept It From Liquidating

    Bankrupt aluminum smelter Ormet Corp. said Friday that it had to sell itself to private equity firm Wayzata Investment Partners LLC for $130 million without a Chapter 11 plan in place or be forced to liquidate, rebuffing an objection to the deal from the Pension Benefit Guaranty Corp.

  7. March 21, 2013

    Bankrupt Aluminum Smelter Melts Opposition to $90M DIP

    Having smoothed over differences with two key creditors, aluminum smelter Ormet Corp. on Thursday submitted final versions of its Chapter 11 bidding procedures and $90 million debtor-in-possession financing package, which enshrines private equity firm Wayzata Investment Partners LLC as the stalking horse bidder, for a Delaware bankruptcy judge's approval.

  8. March 15, 2013

    Aluminum Smelter's $90M DIP Slammed By PBGC, Creditors

    Creditors, including the Pension Benefit Guaranty Corp., cried foul on Friday over Ormet Corp.'s $90 million bankruptcy financing package, saying it contains "unreasonable and overreaching" terms benefiting lenders led by the private equity firm planning to scoop up the aluminum smelter's assets.