has been accepted by the US Insolvency Court as the "stalking horse" prospective buyer to acquire Noranda Aluminum's downstream aluminum rolling company in the United States, the Swedish company said Thursday.
An auction is presently set up for July 7, with bids due on June 29, 2016.
Should Granges win the auction and get final approval as customer from the United States Personal Bankruptcy Court, an announcement is expected in mid-July, with shutting expected throughout the 3rd quarter of 2016, the business stated.
Noranda's downstream aluminum rolling service, running by means of its subsidiary Norandal USA, manufactures foil and also other light-gauge aluminum products for stationary and also vehicle warmth exchangers, packaging as well as transformers.
Business includes aluminum rolling mills in Huntingdon, Tennessee; Newport, Arkansas; and Salisbury, North Carolina, with a combined ability of concerning 495 million lb/year.
Noranda filed for bankruptcy defense under Phase 11 of the US Bankruptcy Code on February 8. The company is seeking to sell its downstream aluminum rolling service as a component of the restructuring.
Together with the mills, all associated possessions, centers, real property, personal property, equipment, supply as well as mill-related balance dues will be marketed.
Previously this month, both firms introduced that Noranda had actually filed a movement with the United States Bankruptcy Court looking for approval of Granges as the stalking equine bidder for the sale of the moving organization.
Granges' proposal values the business and also associated possessions at $302.5 million on a cash- and also debt-free basis.
Granges is a leading global supplier of rolled items for brazed light weight aluminum heat exchangers. The company has production centers in Finspang, Sweden, and Shanghai, China, with a combined annual capacity of 220,000 mt.
Noranda is additionally seeking to market its upstream aluminum business, that includes an aluminum smelter near New Madrid, Missouri, along with sustaining operations at its vertically 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.