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Ormet hearing delayed to June 3

Keywords: Tags  Ormet, sale, Wayzata Investment Partners, U.S. Bankruptcy Court, PBGC, aluminum

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 Delaware.

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 (, May 15).

PGBC’s objections are based on its belief that the terms of the sale don’t provide the best outcome for either the agency or Ormet pension plan members, a PBGC spokesman has said (, May 20).

Ormet has said it could be forced to liquidate if the sale isn’t approved.

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