The U.S. Bankruptcy Court issued an order approving Noranda Aluminum Holding’s (1) motion to sell its upstream business, free and clear of liens, under 11 USC 363(f), and (2) proposed auction and bidding procedures.
As previously reported, “In sum, the Debtors, in consultation with their advisors, believe that pursuing a Sale at this time for the Upstream Business is the course of action most likely to maximize value. By this Motion, the Debtors seek authority to implement a sale process as outlined in the Bidding Procedures for the Upstream Business so as to efficiently market and solicit offers for the Subject Assets….The Backup Bidder shall be required to keep the Backup Bid open and irrevocable until the earlier of 5:00 p.m. (prevailing Eastern Time) on the date that is sixty (60) days after the date of entry of the Sale Order (the ‘Outside Backup Date’) or the closing of the transaction with the Successful Bidder.”
The auction shall take place on September 22, 2016; the bid deadline on September 15, 2016. The sale hearing to approve the sale of the Upstream Business shall be held on September 27, 2016, with objections due by September 20, 2016. Read more Noranda bankruptcy news.
The post Noranda Aluminum Holding Sale, Procedures Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.