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Ormet seeks OK to scrap boiler plates

Keywords: Tags  Ormet, Myron Bowling Auctioneers, Franklin Surplus, scrap, boiler plates, bankruptcy court, Michael Cowden


CHICAGO — Ormet Corp. is seeking court approval to sell approximately 1,700 tonnes of boiler plates as steel scrap in a deal valued at $682,100, according to documents filed in U.S. Bankruptcy Court in Delaware.

The bankrupt and idled Hannibal, Ohio-based aluminum producer is considering a sale offer from Hamilton, Ohio-based Myron Bowling Auctioneers Inc., which would purchase the plates "as is—where is" for 18.2 cents per pound, according to court documents filed Feb. 26.

The material would be loaded and processed by North Vernon, Ind.-based scrap recycler Franklin Surplus Inc., the court documents indicate.

Ormet has been selling what it considers excess assets in recent months (amm.com, Oct. 16).


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