PBGC files objection to Ormet sale

May 15, 2013 | 04:41 PM | Michael Cowden

Tags  Ormet, Wayazata Investment Partners, Smelter Acquisition, Pension Benefit Guaranty Corp., PBGC, Ohio Power, Chapter 11, bankruptcy pension

CHICAGO — Pension Benefit Guaranty Corp. (PBGC) has objected to the sale of bankrupt aluminum producer Ormet Corp. to an entity owned by private investment firm Wayzata (Minn.) Investment Partners LLC.

A hearing on whether to approve the sale, originally scheduled for May 15, has been pushed back to May 22, according to court documents filed May 14 in U.S. Bankruptcy Court in Delaware.

An auction was canceled because no bids other than that from stalking horse bidder Smelter Acquisition LLC, a Wayzata entity (amm.com, May 10), had been received, with no objections to the proposed sale made before PBGC’s objection, filed May 13.....

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