Ormet, AEP in dispute over power deal

Jul 12, 2013 | 10:55 AM | Michael Cowden

Tags  Ormet, American Electric Power, AEP, bankruptcy, sale, electricity, power rates, aluminum Wayzata Investment Partners

CHICAGO — Ormet Corp. and utility American Electric Power Co. (AEP) are at loggerheads over a power deal for the bankrupt aluminum producer.

The Columbus, Ohio-based utility accuses Ormet of reneging on a contract, while Ormet contends that AEP’s objections to proposed changes to its power rates or power provider could jeopardize its ability to operate as a going concern, according to court documents filed this week in U.S. Bankruptcy Court in Delaware.

The two sides even disagree on whether their current agreement constitutes a contract, according to the documents.
A hearing is scheduled for July 16, according to a court order signed July 10 by U.S. bankruptcy judge Mary F. Walrath. ....





Latest Pricing Trends

Poll

Are you stocking more inventory today than 18 months ago?

Yes
No


View previous results