NEW YORK A hearing on
whether to approve the sale of bankrupt aluminum producer Ormet
Corp. to an entity of Wayzata (Minn.) Investment Partners LLC
has been pushed back to June 3 from May 22, according to
documents filed May 21 in U.S. Bankruptcy Court in
The hearing had already been
delayed from May 15 after Pension Benefit Guaranty Corp. (PBGC)
objected to the sale of Hannibal, Ohio-based Ormet to Smelter
Acquisition LLC (
amm.com, May 15).
PGBCs objections are based
on its belief that the terms of the sale dont provide the
best outcome for either the agency or Ormet pension plan
members, a PBGC spokesman has said (
amm.com, May 20).
Ormet has said it could be forced to liquidate if the sale