Ormet unsecured creditors' committee appointed by U.S. trustee

By Jeff Pines

Washington, Feb. 9 - The U.S. trustee for the Southern District of Ohio appointed the members of the unsecured creditors committee for Ormet Corp.'s Chapter 11 case, according to a Feb. 6 court notice.

The members include: Alcoa World Alumina LLC/Alcoa Inc.; CVG Carbones del Orinoco CA; Dominion Field Services; International Converter, Inc.; Merrill Lynch Investment Managers LP; Northeast Investors Trust; PPM America High Yield CBO I; UMB Bank, NA as trustee; and the United Steelworkers of America.

The Wheeling, W. Va.-based aluminum products company filed for Chapter 11 at the end of January in the U.S. Bankruptcy Court for the Southern District of Ohio.

Ormet negotiated with the holders of its $225 million of senior notes and its bank lenders for almost a year, but had been unable to reach an agreement. It had been hoping to reduce its outstanding bond debt by converting it to equity.

The case number is 04-51255.

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