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Ormet Sale Approved

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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).”

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