Court appoints Columbus-based company to take over Youngstown Thermal
A company has been appointed to take over Youngstown Thermal, a downtown utility company in financial woe.
Next, customers will learn about surcharges aimed at keeping the energy company powered.
Judge R. Scott Krichbaum of Mahoning County Common Pleas Court on Tuesday appointed Reg Martin, owner of Columbus-based Martin Management Services, the receiver.
The court-appointed receiver is authorized to take possession of, manage, operate, protect, and have complete control of all Youngstown’s Thermal’s operations, according to the judge’s entry.
Martin, who told The Vindicator he’s been in business doing receiverships and solvency for more than 20 years, said he’s never done a receivership of a utility company.
“It’s still a company that operates like any other company,” Martin said.
Martin said he hadn’t had a chance to see the judge’s order or read into Youngstown Thermal’s financial struggles.
The Public Utilities Commission of Ohio had the Ohio Attorney General’s office ask the court to seek a receiver for the company because of a potential energy crisis in downtown if Youngstown Thermal’s financial problems weren’t addressed.
Read more about the situation in Wednesday's Vindicator or on Vindy.com.