US Magnesium won bankruptcy court approval to sell certain assets to a Utah government agency for $30 million, despite objections from its lender, Wells Fargo Bank.
Judge Brendan Linehan Shannon of the US Bankruptcy Court for the District of Delaware signed off on the sale to the Utah Division of Forestry, Fire & State Lands during a Tuesday hearing. He concluded that the company had selected the highest and best offer.
“I’m satisfied that the state of Utah is, in fact, a good faith purchaser and is entitled to all of the protections intended thereto,” the judge said.
The sale ...
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