NEW YORK The U.S. Bankruptcy Court in Delaware has approved the sale of certain assets of bankrupt Ormet Corp.
The approval is pursuant to the order establishing procedures for the sale of excess assets and granting related relief.
Ormet will now have the ability and organizational power to sell 688 tonnes of aluminum fluoride to Franklin, Tenn.-based Noranda Aluminum Inc.
The final price was set at $950 per tonne, or $653,600, according to documents filed Dec. 26. Noranda will have 60 days to remove the material from Hannibal, Ohio-based Ormets facility.