Ormet extends bid deadline for sale of remaining assets to June 26

By Kali Hays

New York, June 25 – Ormet Corp. has extended the bid deadline for the sale of substantially all of its remaining assets to 10 a.m. ET on June 26 from 5 p.m. ET on June 24, according to a Wednesday notice with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, if one or more qualified bids are received, the auction will be held on June 26 while a hearing to approve the sale is set for June 30.

CCP ORMT Acquisition, LLC will be the stalking horse bidder for the assets, which include the property, plant and equipment at Ormet’s Hannibal, Ohio, facility.

Under the procedures, competing bids must be more than the sum of the $15.25 million cash component of the stalking horse bid plus the $450,000 break-up fee to be paid to CCP if it is not the high bidder and a $250,000 initial overbid.

Bids at auction must be made in minimum increments of $250,000.

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

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