Reuters: Bankruptcy News: Ohio's PUCO approves Ormet power deal with some modifications

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Ohio's PUCO approves Ormet power deal with some modifications Oct 2nd 2013, 17:57 NEW YORK | Wed Oct 2, 2013 1:57pm EDT NEW YORK Oct 2 (Reuters) - The Public Utilities Commission of Ohio voted on Wednesday to accept Ormet Corp's revised power deal with energy supplier American Electric Power Co Inc., saving the U.S. aluminum producer from likely closure. The commission added, however, that it was modifying some parts of Hannibal, Ohio-based Ormet's request for a unique subsidized power arrangement as it works to emerge from bankruptcy. PUCO's commissioner said at the commission's weekly meeting, monitored by webcast, that PUCO's approval was also contingent on Ormet employing at least 600 workers for the duration of its energy subsidies. In February, Ormet filed for bankruptcy protection in February. Reducing the high cost of energy to run its 270,000-tonne-per-year aluminum smelter was the final hurdle on the company's path to emerging from bankruptcy.

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