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Ormet gets interim approval of wind-down plan; next hearing June 30
By Caroline Salls
Pittsburgh, May 20 - Ormet Corp. obtained a ninth interim order approving its plan for winding down its business, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.
The extension is necessary to "prevent immediate and irreparable harm to the debtors and their estates pending further hearings relating to wind down," the order stated.
The interim order allows the company to make payments in compliance with a budget that runs through June 30, which is the next hearing date for the wind-down motion.
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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