The U.S. Bankruptcy Court approved Ormet’s proposed sale of assets pursuant to the Court’s excess asset sale procedures order. As previously reported, “The Assets to be sold consist of approximately 24,000 MT +/- 5% Sandy Calcined Metallurgical Grade Alumina. Subject to further order of the Court, the Debtors propose to sell the Assets to the Purchaser on an ‘as is’ basis, free and clear of all liens, claims, or encumbrances therein, pursuant to section 363(f) of the Bankruptcy Code. The consideration for the sale is $249.00/MT (approximately $5,976,000). The Debtors’ inventory value as derived from the borrowing base formula is $254.11/MT ($6,098,640).”
About Linzee Brown
Linzee Brown is the minority owner and President of New Generation Research, Inc. and has been with the firm since 2002. Linzee is responsible for the overall strategic direction and production of all of New Generation Research's offerings including Bankruptcy Week, BankruptcyData.com, the Business Bankruptcy Filing Data service, The Bankruptcy Yearbook & Almanac, The Distressed Company Alert and The Turnaround Letter. Prior to joining New Generation Research, Linzee served as Vice President of Direct Marketing for ISM (Boston), a mid-sized strategic marketing company and prior to that he served as a Vice President for Harte Hanks Direct Marketing, one of the country's largest direct marketing firms.