Ormet receives $7.7 million bid from Libertas for excess copper rods

By Jim Witters

Wilmington, Del., Dec. 10 - Ormet Corp. received a bid of $7.67 million from Libertas Copper, LLC for about 2.47 million pounds of new and used copper rods, according to a Dec. 10 filing with the U.S. Bankruptcy Court for the District of Delaware.

The Libertas offer is for 1,120 metric tons of copper rods at the Comex CU March settlement price minus 15 cents per pound for the day the truck is loaded.

As previously reported, Ormet received court approval to liquidate excess assets and inventory at its closed Hannibal, Ohio, plant.

No hearing has been scheduled to consider the proposed sale.

The company has been marketing excess inventory at the Hannibal facility and has been working with lenders Wells Fargo Capital Finance, LLC, Wells Fargo Bank, NA and Wayzata Investment Partners, LLC on a process for liquidating all the Hannibal assets.

Ormet, a Hannibal, Ohio-based producer of aluminum, filed for bankruptcy on Feb. 26, 2013 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 13-10334.

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