U.S. Bankruptcy Court in Delaware approved the bidding procedure of Ormet Corporation. Wayzata Investment Partners LLC. The judge said that an auction for Ormet will be conducted on May 13, 2013 with a hearing on the approval of any sale slated for May 15, 2013.

If no qualifying bids are received except that from Smelter Acquisitions, no auction will be held and the stalking horse can instead seek approval to acquire the company, Judge Mary F. Walrath said. Objections to the sale must be filed on or before May 8, 2013, according to court documents. Wayzata Investment Partners LLC acted as stalking horse bidder.