Ormet ‘wind down’ of ops said possible

Jun 03, 2013 | 11:51 AM | Michael Cowden

Tags  Ormet, Evercore Group, Lloyd A. Sprung, Wayzata Investment Parnters, Smelter Acquisition LLC, bankruptcy, auction sales process, liquidation windown

CHICAGO — Bankrupt aluminum producer Ormet Corp. could be forced to "wind down" operations if a bid valued at $282.2 million isn’t approved, according to a financial advisor to the company.

If a sale to stalking horse bidder Smelter Acquisition LLC, an entity of Wayzata (Minn.) Investment Partners LLC, doesn’t go ahead, "the likely alternative is an orderly wind-down of business operations and liquidation of assets," Evercore Group LLC senior managing director Lloyd A. Sprung wrote in a declaration filed May 31 in U.S. Bankruptcy Court in Delaware.

The New York-based investment banking firm was retained by Hannibal, Ohio-based Ormet in August 2012 as the integrated aluminum producer pursued "strategic alternatives," including a sales process, Sprung said.....





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