Ormet gets interim approval of wind-down plan; further hearing July 28

By Kali Hays

New York, July 1 - Ormet Corp. obtained a tenth interim order approving the plan for winding down its business, according to an order filed July 1 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 July 28, 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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