Ormet needs more cash, power deal

Aug 19, 2013 | 05:22 PM | Michael Cowden

Tags  Ormet, Michael Tanchuk, bankruptcy, American Electric Power, AEP, smelter, potlines, liquidation aluminum

CHICAGO — Ormet Corp. may be shut down barring a fresh cash infusion and new power agreement, the company’s top executive indicated in court documents.

The bankrupt Hannibal, Ohio-based aluminum producer has drawn all available funds under a term loan debtor-in-possession (DIP) credit agreement, and funds available from a revolving loan DIP credit agreement are "insufficient to maintain operations going forward," Ormet president and chief executive officer Michael Tanchuk said in a declaration filed in U.S. Bankruptcy Court in Delaware.....

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