Bankruptcy Judge Barry Schermer said that he will allow the bankruptcy sale of Noranda Aluminum’s foil business to Granges AB, a Swedish supplier of rolled aluminum products, the St. Louis Business Journal reported yesterday. Granges, according to the Wall Street Journal, will buy the company for $309.7 million. Noranda’s unsecured creditors will receive $7.5 million of the sale proceeds. The unsecured creditors will also receive 10 percent of the sale of Noranda’s “primary aluminum” business, which includes the now shuttered smelter in New Madrid, Mo., and bauxite mines in St. Ann, Jamaica, and a refinery in Gramercy, La.
