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. ....

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