Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Noranda Aluminum Objections Filed

0
0

Granges AB and Granges Americas (the “Downstream Buyer”) filed with the U.S. Bankruptcy Court an objection to Noranda Aluminum Holding’s motion for an order dismissing the Company’s Chapter 11 cases–other than for the sole purpose of adjudicating fee applications–and retaining jurisdiction to enforce and implement orders entered in the Chapter 11 cases.

The objection asserts, “The Downstream Buyer objects to the Motion to Dismiss to the extent that it (1) seeks entry of an order which terminates, prejudices, supersedes, or otherwise affects the Downstream Sale Order, the Downstream APA, the Downstream TSA, the Escrow Agreement or any document related thereto (collectively, the ‘Downstream Sale Documents’) or the Downstream Buyer’s rights thereunder; or (2) fails to incorporate language in accordance with paragraph 40 of the Downstream Sale Order which states that (a) the Downstream Sale Documents shall remain in full force and effect notwithstanding the dismissal of these chapter 11 cases; (b) the Downstream Buyer’s rights and interests under the Downstream Sale Documents shall be unaffected by the entry of the order dismissing these chapter 11 cases; (c) the terms of the Downstream Sale Order shall remain binding on all parties in interest notwithstanding the dismissal of these chapter 11 cases; (c) the Debtors’ Obligations to the Downstream Buyer under the Downstream Sale Documents will not be released, discharged, or otherwise affected by the entry of the order dismissing these chapter 11 cases; and (d) the Court shall retain jurisdiction to enforce the Downstream Sale Documents according to their terms.”

Separately, Granges AB and Granges Americas also filed with the Court an objection to the Debtors’ motion for a global settlement between the Debtors, term secured parties and the official committee of unsecured creditors.

Read more Noranda bankruptcy news.

The post Noranda Aluminum Objections Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images