PUCO reviewing Youngstown Thermal's financial situation
Youngstown Thermal’s financial difficulty is now under review by the Public Utilities Commission of Ohio.
“We have just been made aware of the financial troubles for Youngstown Thermal, and that is something we are actively investigating,” said Matt Schilling, spokesman for the commission. “At the end of the day, the PUCO is interested that utility customers receive safe and adequate service.”
Youngstown Thermal, a steam heat and cooling system provider to several downtown buildings, indicated to the commission that it is facing short-term financial problems.
Carl Avers, chief executive of the company, announced in a news release Monday that the company’s assets are on the market.
Tuesday, Avers disputed reports that employees have not been paid. He would not go into detail about the company’s financial status.
In a review of recent court filings, The Vindicator found a lawsuit from February brought by EDF Energy Services LLC of Houston claiming Youngstown Thermal breached its contract by not paying for natural gas it received from EDF. AT&T filed a lawsuit against Youngstown Thermal in March claiming the company caused $270,433 in damage to its property in April 2015 and did not repair the damage.
Youngstown Thermal recently lost a major client in Youngstown State University and nearly lost the city last year.
Read more about the situation in Wednesday's Vindicator or on Vindy.com.