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Ormet Extension Sought

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Daniel A. Bosh, Chairman, on behalf of the Steelworkers Pension Trust filed with the U.S. Bankruptcy Court a motion for extension of time to file response and supplemental brief to limited objection to Debtor’s motion for orders: (a) (i) approving the bidding procedures; (ii) scheduling hearing to consider sale; (iii) approving form and manner of notice thereof; and (iv) authorizing bid protections; (b) (i) authorizing and approving sale of assets free and clear of liens, claims, encumbrances, and interests; and (ii) approving assumption and assignment of executory contracts and unexpired leases; and (c) granting related relief. The motion explains, “On June 30, 2014, this Court held a hearing on the Sale Motion in which the Debtors sought approval of the Sale to the Buyer. The sole remaining objection to the Sale Motion at the Sale Hearing was the Pension Trust’s Limited Objection. At the conclusion of the Sale Hearing, the Court requested further briefing regarding the Debtors’ ability to sell assets free and clear of successor liability for the Pension Trust requiring Debtors to file a Supplemental Brief no later than July 7, 2014 and requiring the Pension Trust to file its Response and Supplemental Brief no later than July 11, 2014. The Pension Trust respectfully requests four business days or until Thursday, July 17, 2014 to submit its Response and Supplemental Brief. Whether the Debtor is authorized to sell substantially all of its assets free and clear of successor liability claims under ERISA and the MPPAA is an issue of first impression. The Pension Trust believes the extension of time is imperative to enable it to outline each issue so that this Court can properly address each issue. Moreover, because Wayzata Investment Partners, LLC’s and the Debtors’ briefs were filed on Monday, July 7, 2014; the Pension Trust respectfully believes four days is not adequate time to respond to and present all the issues as would be required to appropriately address same.”

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