Noranda Aluminum Inc. won court approval to draw $25 million against a bankruptcy-financing package that may run as high as $165 million as it launches a restructuring that will likely involve the sale of its profitable flat-rolled product line of business, Dow Jones Daily Bankruptcy Review reported today. The Franklin, Tenn.-based company is trying to salvage its primary aluminum business in chapter 11 and went to court yesterday to get access to desperately needed cash. Noranda agreed to test the market for buyers for its flat-rolled business, which produces foils for consumer and industrial uses, in order to get existing lenders to finance its bankruptcy.
