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Wednesday, April 23rd, 2014
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Thursday, 31 October 2013 10:05

Ormet Corp. officials announce possibility of liquidation

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Meanwhile, AEP Ohio intends to shut off power to facility


MONROE COUNTY, Ohio -- A U.S. trustee has started the process to liquidate the assets of an embattled Monroe County aluminum producer.
The Ormet Corp. announced on Wednesday that the trustee changed the company's bankruptcy filing status from a Chapter 11 to Chapter 7, which would likely result in liquidation.
A United Steelworkers representative on Wednesday said that Ormet workers are already hurting and that liquidation could be "catastophic." Spokesman John Puskar added that "someone needs to step in and help." Around 1,000 workers were affected by the layoffs earlier this month.
Meanwhile, AEP Ohio has announced its intention to shut off power to the Hannibal-based plant as soon as Friday, which could pose an environmental hazard. A report previously issued by the U.S. Environmental Protection Agency states that turning off the power at Ormet could allow dangerous chemicals, including arsenic and cyanide, to leak into nearby groundwater.
AEP says it is not their obligation, rather Ormet's obligation.
A bankruptcy hearing is scheduled for November 7 in Delaware.

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