Recycler makes offer for Ormet copper rods
Dec 06, 2013 | 03:42 PM
CHICAGO Prime Materials Recovery Inc. wants to buy some 430 tonnes of new and used copper rods from Ormet Corp. as the bankrupt aluminum producer continues a piecemeal sale of its assets.
The East Hartford, Conn.-based recycler has offered to pay the Comex copper price for March settlement minus 16.5 cents per pound for the day the truck is loaded.
Prime Materials Recovery wants five truckloads per week beginning Dec. 16, according to documents filed in U.S. Bankruptcy Court in Delaware and signed by company president Nathan Schilberg and Ormet commercial vice president Matt Powell. Objections are due on Dec. 10.
Hannibal, Ohio-based Ormet, which filed for bankruptcy protection in February, has said it is trying to sell what it considers to be excess assets (amm.com, Oct. 16).