Ormet needs exclusivity extension because of Ohio commission delays

By Jim Witters

Wilmington, Del., Sept. 26 - Ormet Corp. is seeking a four-month extension of its exclusive periods for filing a Chapter 11 plan and for seeking plan acceptances, according to a Sept. 26 filing with the U.S. Bankruptcy Court for the District of Delaware.

The 120-day extension is necessary because the Ohio Public Utilities Commission has not issued a ruling on a request to allow the buyer of Ormet's Hannibal, Ohio, plant to buy electricity.

As previously reported, the bankruptcy court approved the sale of substantially all of Ormet's assets in June to Smelter Acquisition LLC.

PUCO approval of the electricity supply agreement is needed before the sale can close.

Ormet anticipates "a final decision on their request in the coming weeks," the filing states.

In the bankruptcy court, Ormet wants to extend the deadline for filing a Chapter 11 plan through Feb. 20 from Oct. 23 and the deadline for soliciting votes through April 22 from Dec. 23.

It is the debtor's second request for an exclusivity extension.

A hearing on the request is scheduled for 11:30 a.m. ET on Oct. 17.

Ormet, a Hannibal, Ohio-based producer of aluminum, filed for bankruptcy on Feb. 26. The Chapter 11 case number is 13-10334.

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