Ormet granted interim approval of wind-down plan; next hearing Jan. 13

By Caroline Salls

Pittsburgh, Dec. 12 - Ormet Corp.'s motion for approval of a plan to wind down its businesses was approved on an interim basis for a third time Thursday by the U.S. Bankruptcy Court for the District of Delaware.

Specifically, judge Mary F. Walrath authorized the company to make payments needed to implement the interim wind-down plan through Jan. 13.

Ormet was also granted approval to make changes to its modified benefit plans that may be needed to comply with the wind-down budget.

A further hearing is scheduled for Jan. 13.

Ormet, a Hannibal, Ohio-based producer of aluminum, filed for bankruptcy on Feb. 26, 2013. The Chapter 11 case number is 13-10334.

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