A federal judge's motion filed on Saturday in federal bankruptcy court in Minneapolis may seal the fate of troubled Magnetation Inc., clearing the way for the company to "wind down operations" permanently and laying out terms to terminate the company's lingering bankruptcy, the Duluth (Minn.) News Tribune reported today. The motion by Judge William Fisher sets the stage for the final dissolution of Magnetation, which has been mired in chapter 11 bankruptcy proceedings since May 2015. The motion was filed one day after Magnetation announced it might shut down at the end of September. The judge, in approving the "global settlement agreement" to the Magnetation bankruptcy, set a Sept. 27 hearing to end the bankruptcy case and terminate the company, including selling off assets.
