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.