Ormet gets interim OK of wind-down plan; next hearing March 31

By Kali Hays

New York, March 17 - Ormet Corp. obtained a sixth interim order approving its plan for winding down its business, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The 14-day stay is necessary to "prevent irreparable harm to the debtors and their estates pending further hearing related to wind down," the order stated.

The interim order allows the company to make payments in compliance with a budget that runs through March 31, which is the next hearing date for the wind-down motion.

Ormet, a Hannibal, Ohio-based producer of aluminum, filed for bankruptcy on Feb. 26, 2013. The Chapter 11 case number is 13-10334.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.