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Granges gets ALRIGHT for Noranda light weight aluminum rolling properties 'tracking horse' quote

Granges has been authorized by the United States Insolvency Court as the "stalking horse" prospective buyer to obtain Noranda Light weight aluminum's downstream aluminum rolling service in the United States, the Swedish firm said Thursday.

A public auction is presently arranged for July 7, with bids due on June 29, 2016.

Should Granges win the auction as well as get last approval as purchaser from the US Bankruptcy Court, an announcement is anticipated in mid-July, with closing anticipated during the 3rd quarter of 2016, the business said.

Noranda's downstream light weight aluminum rolling business, running using its subsidiary Norandal UNITED STATES, makes foil and also various other light-gauge aluminum items for stationary and also vehicle heat exchangers, packaging and also transformers.

Business includes light weight aluminum rolling mills in Huntingdon, Tennessee; Newport, Arkansas; as well as Salisbury, North Carolina, with a combined capacity of about 495 million lb/year.

Noranda filed for personal bankruptcy protection under Chapter 11 of the United States Personal Bankruptcy Code on February 8. https://www.irobiocide.com is seeking to offer its downstream aluminum rolling organization as a part of the restructuring.

In addition to the mills, all related possessions, centers, real property, personal property, devices, stock and mill-related receivables will be marketed.

Previously this month, the two firms announced that Noranda had submitted a motion with the United States Insolvency Court looking for authorization of Granges as the stalking equine bidder for the sale of the rolling organization.

Granges' bid values the business and relevant assets at $302.5 million on a cash money- as well as debt-free basis.

Granges is a leading international distributor of rolled items for brazed aluminum warm exchangers. The business has production centers in Finspang, Sweden, and also Shanghai, China, with a consolidated annual capability of 220,000 mt.

Noranda is additionally seeking to sell its upstream light weight aluminum service, that includes an aluminum smelter near New Madrid, Missouri, as well as sustaining operations at its up and down incorporated bauxite mine in St. Ann, Jamaica as well as alumina refinery in Gramercy, Louisiana.

The 263,000 mt/year New Madrid smelter was idled in mid-March.
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