Noranda to auction off New Madrid plant - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Noranda to auction off New Madrid plant

(Source: KFVS) (Source: KFVS)
NEW MADRID COUNTY, MO (KFVS) -

Noranda Aluminum Holding Corporation has announced it is auctioning off the plant in New Madrid.

The company has filed a motion to set up rules to sell its Upstream Business.

According to a release from the company, it has entered into an asset purchase agreement with Gränges AB. As part of that agreement, a subsidiary of Gränges will serve as the "stalking horse" bidder for Noranda's Flat-Rolled Products business.

The agreement values that portion of the business at $302.5 million, on a debt-free, cash-free basis.

As we reported in February, Noranda filed for bankruptcy.

The company hopes the sale will become final on September 27, 2016.

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