Bankrupt Smelter Says Utility Deal Not A Contract

Law360, Wilmington (July 10, 2013, 10:09 PM EDT) -- Bankrupt aluminum smelter Ormet Corp. argued Tuesday that the Ohio utility trying to block the company from altering its power agreement before transferring it to a private-equity buyer is off base because the deal is not actually a contract, but a state-mandated arrangement.

Rather than simply transfer the utility agreement to private-equity buyer Wayzata Investment Partners LLC, Ormet is seeking to modify what it says was a regulatory order from the Public Utilities Commission of Ohio, according to a motion filed in the U.S. Bankruptcy Court for...
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