Ormet Corp files for bankruptcy relief

Citing the low prices for aluminum and increased utility costs, Ormet Corp filed its petition for protection under Chapter 11 of the Bankruptcy Code.  The aluminum producer has received approximately $90 million in bankruptcy financing in order to continue operating while it is restructuring its debt within the bankruptcy.  Bankruptcy court documents show Ormet owes over $400 million in debts.  The debtor anticipates selling to a third party and will solicit bids from potential buyers while it continues to operate under bankruptcy protection.

For the full story see, “Aluminum producer Ormet files for bankruptcy, to sell business.”