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Ormet wins court OK of $25.25 million sale of Hannibal facility assets
By Kali Hays
New York, Ormet Corp. obtained court authorization on the $25.25 million sale of its Hannibal, Ohio, property, plant and equipment assets, according to a Thursday order with the U.S. Bankruptcy Court for the District of Delaware.
CCP ORMT Acquisition, LLC was named the back-up bidder with a cash purchase price offer of $25 million.
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 a $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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