Ormet gets OK to defer $27M in power bills

Oct 17, 2012 | 05:46 PM | Anne Riley

Tags  Ormet, Mike Tanchuk, aluminum, Anne Riley

NEW YORK — Ormet Corp. has been granted a deferral on about $27 million in power bills originally due in November and December as the company looks to improve its cash position, the primary aluminum producer announced late Wednesday.

The power bills, normally due for payment to American Electric Power Co. (AEP) within 21 days of receipt, can now be paid in 17 monthly installments beginning in January 2014 following approval Wednesday by the Public Utilities Commission of Ohio, Ormet said.....

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