Ormet gets interim approval of wind-down plan; next hearing Oct. 23

By Kali Hays

New York, Sept. 25 – Ormet Corp. obtained a 13th interim order from the U.S. Bankruptcy Court for the District of Delaware on Thursday approving the plan for winding down the company’s business.

The order said the extension is necessary to “prevent immediate and irreparable harm to the debtors and their estates pending further hearings relating to wind-down.”

Pursuant to the wind-down Ormet will continue to make payments in compliance with a budget that runs through Oct. 23, 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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