Court denies union request for an early ruling on Ormet

Nov 11, 2004 | 01:07 PM | David Brooks

The U.S. Bankruptcy Court for the Southern District of Ohio has turned down the United Steelworkers union's request to expedite a hearing on the union's motion to end Ormet Corp.'s exclusive rights to file a plan of reorganization.

The USW wants the exclusivity period ended so that other possible bidders--including Sun Capital Partners Inc., Boca Raton, Fla.; MIC Capital LLC, New York; and Brascan Corp., Toronto--can be allowed to put together alternatives to Ormet's plan. Ormet's plan would see another investment group, MatlinPatterson Asset Management LLC,....

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