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Tuesday, July 22nd, 2014
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Thursday, 26 June 2014 10:02

Bidding extended for former Ormet plant

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Only one offer made on Monroe County smelter, so far


MONROE COUNTY, Ohio -- The Ormet Corporation has extended its deadline to accept bids for the now-defunct aluminum smelting plant in Monroe County.

The company filed a notice of the 24-hour extension in federal bankruptcy court on Wednesday. At the time of the filing, only one entity - CCP-ORMT Acquisition - had expressed interest in buying the Hannibal plant at a price of $15 million. An auction will only take place if another entity makes a bid on the former Ormet facility.

Ormet won court approval to sell its other main asset, a Louisiana refinery, for $39.4 million in November.

The company announced in May that its 42 remaining employees would lose their jobs between May 31 and July 31, with a complete closure of the facility expected by the end of July.

Ormet announced in October it would close the plant and lay off more than 1,000 workers after state utility regulators rejected portions of its proposed deal for reducing electricity costs.

Z. Daniel Barnett

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