Ormet mulls smelter liquidation, refinery sale
Oct 18, 2013 | 02:35 PM
| Michael Cowden
CHICAGO Ormet Corp. is considering liquidating its Hannibal, Ohio, smelter while it looks to make a deal with a potential buyer for its Burnside, La., alumina refinery.
The bankrupt aluminum producer said it hopes a sale of the Burnside refinery will allow the operation to continue as a "going concern," but it has "no option but to pursue a liquidation of assets at the Hannibal smelter," according to documents filed in U.S. Bankruptcy Court in Delaware.
Ormet did not respond to a request for comment.
A United Steelworkers union staff representative said that liquidation at Hannibal was not a foregone conclusion, noting that it was standard practice in bankruptcy proceedings to prepare for liquidation if it becomes necessary.....
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