Ormet bankruptcy case dismissed as of Dec. 18; all assets distributed

By Kali Hays

New York, Dec. 18 – Ormet Corp.’s Chapter 11 bankruptcy case has been dismissed by the U.S. Bankruptcy Court for the District of Delaware, according to a Thursday order.

As previously reported, the company requested the dismissal in October, claiming that the company has “curtailed all operations and sold all assets” and “it is simply impossible for the debtors to rehabilitate.”

Ormet said it has worked with its secured lenders over the past year and pursued a series of successful asset sales after an initial, court-approved sale of its assets was unable to close with a ruling from the Public Utility Commission of Ohio related to terms on the cost of electricity in the state.

The court agreed that the company has sold all of its assets, including the equity interests of certain subsidiaries, and that all proceeds have been distributed. All outstanding fees related to the case have also been paid in full.

The dismissal is effective as of the order date.

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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