Bankrupt US Magnesium Seeks Approval of $21.6 Million Asset Deal

Bankrupt US Magnesium LLC’s junior creditors reached a deal with the base metals company’s lender Wells Fargo & Co. that includes a $21.6 million sale of raw materials, equipment, and other assets on a Utah property.

A pair of agreements, including the settlement, would allow US Magnesium to access the Utah property to liquidate assets not included in a previous sale, the company said in a Thursday filing seeking approval from the US Bankruptcy Court for the District of Delaware.

A $30 million sale approved in January to the Utah Division of Forestry, Fire, and State Lands was for certain ...