Aluminum Smelter Enters Ch. 11, Plans Sale To Wayzata

Law360, Wilmington (February 26, 2013, 1:09 PM EST) -- Aluminum smelter Ormet Corp. filed for bankruptcy in Delaware Monday to ease the sale of its assets to private equity firm Wayzata Investment Partners LLC, citing a “perfect storm” of dropping aluminum prices and rising costs.

The Hannibal, Ohio-based company — which listed $406 million in assets against $416 million of debt in its Chapter 11 petition — said in a statement that it does not expect the bankruptcy to affect its suppliers or customers.

“Ormet has done everything possible during very difficult financial times to...
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