Bankrupt Smelter Can Seek Better Power Deal, Court Says

Law360, Wilmington (July 16, 2013, 11:17 PM EDT) -- Aluminum smelter Ormet Corp. can continue its bid to modify an existing power agreement to enable its sale to a private equity firm after a Delaware bankruptcy judge on Tuesday rejected an Ohio utility's contention that the debtor must first either accept or reject the deal as written.

With its sale to private equity firm Wayzata Investment Partners LLC contingent on securing cheaper electricity, Ormet is seeking to have the Public Utilities Commission of Ohio modify its energy-supply arrangement. But the Ohio Power Co., which does...
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