Ormet Objection Filed


Ormet filed with the U.S. Bankruptcy Court an objection to the motion of Daniel A. Bosh, Chairman, on behalf of The Steelworkers Pension Trust for the extension of time to file a response and supplemental brief to the limited objection to the Debtors motions for orders: approving the bidding procedures; scheduling hearing to consider sale; approving form and manner of notice thereof and authorizing bid protections; authorizing and approving sale of assets free and clear of liens, claims, encumbrances, and interests; approving assumption and assignment of executory contracts and unexpired leases; granting related relief and request for a telephonic hearing. The Debtors object, “The question of whether a trustee under title 11 of the United States Code (the ‘Bankruptcy Code’) can sell free and clear of employment-related successor liability claims arising under Federal common law is not an issue of first impression in Delaware–it is the settled law of the Third Circuit. By the Motion to Extend, Daniel A. Bosh, Chairman, on behalf of the Steelworkers Pension Trust (‘Pension Trust’), likely recognizes this fact and is merely seeking to delay the consummation of the Debtors’ sale of assets and extend the Pension Trust’s time to prepare for an appeal–preventing the Debtors from completing the orderly wind down of their bankruptcy cases to the detriment of the Debtors’ constituencies. Accordingly, the Debtors urge the Court to deny the Motion to Extend, or in the alternative, reduce the length of the stay of the sale, if any, by the same number of calendar days of any extension of time granted to the Pension Trust.”

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