Ormet granted 120-day extension of exclusive period for filing plan

By Jim Witters

Wilmington, Del., June 20 - Ormet Corp. received approval for a 120-day extension of its exclusive periods for filing a Chapter 11 plan and for soliciting plan acceptances, according to a June 19 filing with the U.S. Bankruptcy Court for the District of Delaware.

Ormet's exclusive period for filing a Chapter 11 plan is extended through Oct. 23 from June 25, and its exclusive period for soliciting votes is extended through Dec. 23 from Aug. 26.

As previously reported, Ormet canceled its scheduled May 9 auction and named stalking horse Smelter Acquisition LLC the successful bidder with an offer of $130 million for substantially all of Ormet's assets. The court approved the sale on June 3.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.