Ormet creditors say bidding rules are unfair

Mar 19, 2013 | 10:08 AM | Michael Cowden

Tags  Ormet, bankruptcy proceedings, Wayzata, stalking horse, bidding procedures, asset sale, aluminum, Michael Cowden

CHICAGO — Ormet Corp.’s unsecured creditors claim that proposed bidding procedures for the bankrupt aluminum producer would unfairly benefit Wayzata (Minn.) Investment Partners LLC and could discourage other bidders from coming forward.

The goal of an asset sale under bankruptcy laws should be to "maximize the proceeds received by the debtors’ estate," Ormet’s official committee of unsecured creditors said in a March 15 court filing in U.S. bankruptcy court in Delaware.....

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