Ormet bidding procedures approved

Mar 27, 2013 | 04:25 PM | Michael Cowden

Tags  Ormet, bankruptcy, auction, bidding, Judge Mary Walrath, Wayzata Investment Partners, Wells Fargo, Glencore aluminum

CHICAGO — Bidding procedures for bankrupt Ormet Corp. have been approved, according to documents filed in U.S. Bankruptcy Court in Delaware.

Loan agreements with private equity firm Wayzata Investment Partners LLC, Wayzata, Minn., and Wells Fargo Capital Finance LLC, Santa Monica, Calif., also were given the go-ahead, according to documents signed by Judge Mary F. Walrath.

Ormet has received $90 million in debtor-in-possession (DIP) financing, including $30 million in term financing from prospective buyer Wayzata Investment and a $60-million facility from Wells Fargo (amm.com, Feb. 26).....

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