Globe seeks highest bidder for plant.Byline: Sherri Buri McDonald The Register-Guard SPRINGFIELD - Globe Metallurgical Inc. won't be reopening the silicon metal smelter that it mothballed nearly three years ago when electricity rates were sky-high, and is now trying to sell the property. The Springfield Utility District and the Bonneville Power Administration The Bonneville Power Administration (BPA) is a U.S. self-financed federal agency which transmits and sells wholesale electricity in Washington, Oregon, Idaho, and western Montana. The BPA is part of the U.S. Department of Energy, and is headquartered in Portland, Oregon. , trying to keep a lid on rate increases, paid Globe $9 million not to operate its power-hungry electric furnace electric furnace: see furnace. electric furnace Chamber heated with electricity to very high temperatures, for melting and alloying metals and refractories. Modern electric furnaces generally are either arc furnaces or induction furnaces. from December 2000 to September 2003. During the shutdown, Ohio-based Globe filed for bankruptcy, and the company is now putting the Springfield plant and equipment up for auction to the highest bidder HIGHEST BIDDER, contracts. He who, at an auction, offers the greatest price for the property sold. 2. The highest bidder is entitled to have the article sold at his bid, provided there has been no unfairness on his part. as part of its financial reorganization. Whether anyone will want the place is unclear. "Heavy industrial has not been in high demand in this area," said Jack Roberts, executive director of Lane Metro Partnership, a business recruitment group. "It may be tough to find a user for that right away." Globe filed for Chapter 11 bankruptcy protection in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of on April 2, citing low prices, a poor economy, loss of market to imports, the power crisis in California and an unsuccessful investment in Norway. Globe listed assets of $81.7 million and liabilities of $86.8 million. In addition to the shuttered smelter in Springfield, Globe has foundries in Ohio, Alabama and New York. The company hopes to emerge from bankruptcy next year. Bankruptcy papers also included a long list of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. against Globe, including a case filed by CBS (Cell Broadcast Service) See cell broadcast. Aggregates LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control based in Yuba City, Calif., which supplied quartz to the Springfield plant. CBS won its breach of contract case and was awarded damages of $300,000. Globe is appealing. An auction of Globe's Springfield site will begin at 11 a.m. today.The following assets are up for bid: the 14-acre heavy-industrial factory site at 1801 Aster St. near the McKenzie Forest Products mill; 38 acres of vacant land near Clearwater Lane in Springfield; heavy equipment, and office equipment and furniture. Under a financing agreement with secured lender MI Capital Inc., Globe had to sell the Springfield plant by Sept. 30. The grounds were open on Monday to bargain hunters looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. deals on everything from loaders and forklifts to hard hats and fire extinguishers. It's a sobering end for the 42-employee plant and a setback for its 130-year-old parent company, which won the Baldrige National Quality Award in 1988. CAPTION(S): Equipment sits tagged for today's bankruptcy auction at Globe Metallurgical Inc. in Springfield. Bargain hunters showed up on Monday. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion