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Sale of Ormet approved

June 4, 2013
dsp Times Leader

Hannibal, Ohio On Monday, the United States Bankruptcy Court for the District of Delaware approved the sale of substantially all of the assets of Ormet Corporation, a leading producer of primary aluminum, and certain of its affiliates to Smelter Acquisition, LLC, a portfolio company owned by private investment funds managed by Wayzata Investment Partners LLC ("Wayzata"). Ormet Corporation and certain of its affiliates filed for bankruptcy protection in the United States Bankruptcy Court for the District of Delaware in late February to effectuate a financial restructuring of the Company. In connection with its restructuring, the Company received aggregate commitments of $90 million of DIP Financing, consisting of $30 million in Term DIP financing from Wayzata and a $60 million DIP facility from Wells Fargo, which replaced its $60 million pre-petition revolver with Ormet. The DIP financings provided the Company with sufficient liquidity to meet ongoing obligations and ensure the uninterrupted continuation of operations during the restructuring.

 
 

 

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