Saturday, April 02, 2005
Aluminum Maker Exits Chapter 11
Yahoo! News
COLUMBUS, Ohio - Aluminum maker Ormet Corp. announced Friday it emerged from bankruptcy, giving the company approval to sharply increase retirees' health insurance costs to save money the company says it needs to survive.
Ormet has said it needs $5 million in savings from its projected $15 million in 2005 retiree health costs. That is a portion of a total $23 million in savings the company has said it needs.
The company, based in Wheeling, W. Va., has about 2,200 employees and operations in Ohio, West Virginia, Indiana and Louisiana.
COLUMBUS, Ohio - Aluminum maker Ormet Corp. announced Friday it emerged from bankruptcy, giving the company approval to sharply increase retirees' health insurance costs to save money the company says it needs to survive.
Ormet has said it needs $5 million in savings from its projected $15 million in 2005 retiree health costs. That is a portion of a total $23 million in savings the company has said it needs.
The company, based in Wheeling, W. Va., has about 2,200 employees and operations in Ohio, West Virginia, Indiana and Louisiana.
