Ormet struggled to find buyers, filings show

Mar 01, 2013 | 05:36 PM | Michael Cowden

Tags  Ormet, bankrupty, Chapter 11, aluminum, smelter, Hannibal, Ohio, Burnside La.

CHICAGO — Ormet Corp. struggled to find companies interested in buying the primary aluminum producer before it filed for bankruptcy protection last month, court documents show.

Hannibal, Ohio-based Ormet, in conjunction with investment banker Evercore Partners, reached out to 21 parties, of which nine expressed initial interest and entered into nondisclosure agreements. But only two of those nine expressed interest in a possible transaction, and "neither was willing to provide terms or conditions to move forward with a possible sale," according to documents filed Feb. 25 in U.S. Bankruptcy Court in Delaware.....

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