Bloomberg reported that Ormet, the operator of an Ohio aluminum smelter, canceled a bankruptcy auction and will sell all of its assets to an affiliate of lender Wayzata Investment Partners for $221 million.

The article noted that Ormet did not receive any qualified competing bids by yesterday’s deadline to challenge Wayzata’s offer.

To read the entire Bloomberg story, click here.

Previously on

Wells Fargo, Wayzata Support Ormet Sale with DIP Facility, Tuesday, February 26, 2013