Ormet Corporation filed a notice of successful bid and backup bid for the sale of substantially all the assets of Ormet Corporation on June 27, 2014. Niagara Worldwide, LLC is declared as the highest bidder for the assets offering a cash purchase price of $25.25 million. CCP ORMT Acquisition, LLC is declared as the next highest or otherwise best bid i.e., the backup bid with a cash purchase price of $24.55 million plus a credit bid of the breakup fee in the amount of $0.45 million.

The debtor will sell its assets to Niagara Worldwide pursuant to an asset purchase agreement dated June 26, 2014. The buyer is required to deposit $1.60 million as cash deposit. Sale hearing is scheduled for June 30, 2014.

Hillary Schumaker of Armstrong Teasdale LLP acted as legal advisor for Niagara Worldwide.