HANNIBAL, Ohio -- A pair of disputes threatens to halt the sale of a bankrupt, Monroe County-based aluminum producer.
The Ormet Corporation has until Wednesday to complete its sale, in jeopardy because of an ongoing rate dispute with American Electric Power. At the same time, many who are drawing pensions from Ormet also have objected to a provision of the planned $221 million sale to Wayzata Investment Partners, citing possible reductions in monthly pay and benefits.
Ormet's sale to Wayzata is contingent upon reaching an agreement for reduced AEP rates, a matter that now lies before the Public Utilities Commission of Ohio. Commission spokesman Jason Gilham said there is a PUCO meeting scheduled for Wednesday - which is the same day Ormet's bankruptcy must be finalized.
With dwindling revenues, Ormet filed in February for restructuring in U.S. Bankruptcy Court, and last month reached a sales agreement with Wayzata. Ormet is currently Monroe County's largest private employer and taxpayer.