Ormet announces $25.25 million high bid for Hannibal assets

By Caroline Salls

Pittsburgh, June 27 – Ormet Corp. said Niagara Worldwide, LLC’s $25.25 million offer for Ormet’s Hannibal, Ohio, property, plant and equipment assets was the winning bid, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The bid of CCP ORMT Acquisition, LLC with a cash purchase price of $24.55 million plus a credit bid equal to a $450,000 break-up fee was named as the backup bid.

The sale hearing is scheduled for June 30.

As previously reported, CCP ORMT Acquisition was the stalking horse bidder for the assets. The stalking horse bid included an initial $15.25 million cash component, plus the $450,000 break-up fee to be paid to CCP if it is not the high bidder.

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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