Saturday, April 19th, 2014
Current Time 10:40:55pm
Thursday, 31 October 2013 10:05

Ormet Corp. officials announce possibility of liquidation

Written by 

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.

AVC News

Email This email address is being protected from spambots. You need JavaScript enabled to view it.
  • Facebook Links
  • Free Text Alerts
  • Twitter Feeds

Get Text Message Local News Alerts and Local HS Sports  Scores on Your Cell Phone!

YourRadioPlace.com will alert you to the latest breaking LOCAL news, weather school closings and local HS sports scores for all the games we broadcast via Text Messages to your cell phone or PDA! Sign up now for this FREE service! (Message and Data Rates May Apply - See details under read more link)

AVC Local News Alerts:   Text keyword: AVCNEWS to 41411
Local HS Sports Scores:  Text keyword: AVCSPORTS to 41411

Message and data rates may apply. To Opt-out text STOP to 41411. For more information text HELP to 41411.

Follow us on Twitter!

AVC News - Daily Local Headlines and Alerts

AVC Sports - Local HS Sports Scores

Popular Articles...