Noranda Aluminum Holding Corp. on Sept. 30 received court approval for the sale of its aluminum smelter and facilities in New Madrid, Mo., to ARG International AG for US$13.7 million.
The approval follows an auction of the assets on Sept. 28. The deal is expected to close in October, subject to certain closing conditions.
Noranda filed for Chapter 11 bankruptcy protection amid challenging market conditions in February.
The company will continue to explore strategic alternatives for its bauxite and alumina operations, including discussions with potential suitors.
Previously, the company received court approval for the sale of its flat-rolled business to Gränges AB for an enterprise value of US$324.2 million on a cash- and debt-free basis.