Almatis, Inc. entered into an asset purchase agreement to acquire Alumina refinery at Burnside, Louisiana from Ormet Corporation (OTCPK:ORMT.Q) for $37.4 million on October 25, 2013. Under the terms of the agreement, Almatis, Inc. would pay a cash consideration of $35.3 million to be paid upon closing of sale and $2.1 million upon closing of sale to be held in escrow. Almatis, Inc would also will pay an option payment of $2 million to be paid two business days after the sale order. To qualify as a qualified bidder, interested parties should submit their bids by November 4, 2013. The sale hearing is scheduled for November 15, 2013. The proceeds from the sale would be used to pay off the amount owed to the debtor's DIP lender. The deal is subject to bankruptcy court approval and other customary closing conditions. The sale shall be closed on March 14, 2014.

The US Bankruptcy Court gave an order approving the sale of certain assets of Ormet Corporation on November 12, 2013. Curtis R. Hearn of Jones Walker LLP and Ted S. Waksman of Weil, Gotshal & Manges LLP acted as legal advisor to Almatis, Inc. Robert J. Dehney, Daniel B. Butz and Erin R. Fay of Morris, Nichols, Arsht & Tunnell LLP and Kim Martin Lewis and Patrick D. Burns of Dinsmore & Shohl LLP acted as legal advisors to Ormet Corporation (OTCPK:ORMT.Q). Toby Kreidler and Siegel of Calibre Group LLC acted as financial advisor to Ormet.

Almatis, Inc. completed the acquisition of Alumina refinery at Burnside, Louisiana from Ormet Corporation (OTCPK:ORMT.Q) on December 13, 2013.