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February 12, 2016 11:56 PM ET

Metals and Mining

Company Overview of Ormet Primary Aluminum Corporation

Company Overview

On December 18, 2014, Ormet Primary Aluminum Corporation went out of business as per its Chapter 11 liquidation filing under bankruptcy. Ormet Primary Aluminum Corporation engages in the production and supply of aluminum products. It offers prime metal, extrusion billet, alumina, sheet, and tread products. The company was incorporated in 1956 and is based in Hannibal, Ohio. Ormet Primary Aluminum Corporation operates as a subsidiary of Ormet Corporation.

35482 State Route 7

Hannibal, OH 43931

United States

Founded in 1956

Phone:

740-483-1381

Fax:

740-483-2782

Key Executives for Ormet Primary Aluminum Corporation

Ormet Primary Aluminum Corporation does not have any Key Executives recorded.

Ormet Primary Aluminum Corporation Key Developments

Motion for Asset Sale Approved for Ormet Corporation

The US Bankruptcy Court approved the sale of remaining assets of Ormet Corporation on October 23, 2014. As per the order, debtor has been allowed to sell remaining assets to Smelter Liquidation, LLC for credit bid of all of the allowed post-petition secured claim, $7.50 million of the allowed pre-petition secured claims and all of the secured diminution claim, as per the agreement dated September 30, 2014.

Eleventh Amended DIP Financing Approved for Ormet Corporation

The US Bankruptcy Court gave an order approving the amendments to DIP financing agreement for Ormet Corporation on August 27, 2014. As per the order, the debtor has been authorized to obtain loans in an additional amount of $1.5 million from Wayzata Investment Partners LLC. The total DIP financing obtained by the debtor would now be in the amount of $116.5 million. The DIP facility would now mature on October 31, 2014 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier.

Motion for Asset Sale Approved for Ormet Corporation

The US Bankruptcy Court gave an order approving the sale of substantially all the assets of Ormet Corporation on July 17, 2014. The debtor has been authorized to sell substantially all its assets to Niagara Worldwide, LLC, the highest bidder for a purchase price of $25.25 million in cash pursuant to an asset purchase agreement dated June 26, 2014. Hillary Schumaker of Armstrong Teasdale LLP acted as legal advisor for Niagara Worldwide.

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