U.S. aluminum producer Ormet Corp. has filed for chapter 11 protection, hurt by low aluminium prices and high power costs, and agreed to sell its business to investment firm Wayzata Investment Partners, Reuters reported yesterday. Ormet has received about $90 million of debtor-in-possession financing, $30 million from Wayzata and $60 million from Wells Fargo, the company said yesterday. Ormet listed total liabilities of $416 million and assets of $406.8 million, according to the court filing. The case is Ormet Corp., Case No. 13-10334, U.S. Bankruptcy Court, District of Delaware.
