The sale of a Monroe County-based aluminum producer was approved on Monday.
According to Ormet Corporation CEO Mike Tanchuk, the United States Bankruptcy Court approved the sale of all assets to Smelter Acquisition for $90 million. Tanchuk added that operations will continue at the Hannibal facility without any interruption.
The last remaining issue for Ormet will be approval of suitable relief from the plant's current power arrangement, which must come from the Public Utilities Commission of Ohio. Tanchuk said "Ormet will be submitting a proposal to the PUCO shortly."
Ormet and certain affiliates filed for bankruptcy protection in late February.