Elliott Greenleaf was selected as Delaware and Conflict Counsel for the Official Committee of Unsecured Creditors in the Chapter 11 cases of Aluminum producer Ormet Corp. and certain subsidiaries, pending in the United States Bankruptcy Court for the District of Delaware. The Ohio-based company operates a smelting facility in Hannibal capable of producing 270,000 metric tons per year, and a refinery in Burnside, La., which can produce up to 540,000 metric tons. It has been operating these facilities since the 1950s. The company employs 1,188 people, 977 of whom are represented by the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union. Ormet said it has assets worth $406.8 million and debts of $416 million, which include $147 million in underfunded pensions, $48.5 million in obligations to its hourly employee retiree trust and $180.3 million in secured debt.
The Official Committee of Unsecured Creditors includes the United Steelworkers, American Electric Power, Corporation Hourly Retiree Benefit Trust, and the Pension Benefit Guaranty Corporation. Elliott Greenleaf was selected based on the Firm’s experience as creditors committee counsel, bankruptcy litigation and Delaware counsel.