Company files notice of interest in Youngstown Thermal

Staff report

YOUNGSTOWN

A local company has taken interest in operating Youngstown Thermal, a utility company that has recently gone through financial struggles.

Capital Finance Group LLC of Belmont Avenue in Youngstown filed a “Notice of Interest” for Youngstown Thermal on Wednesday in the Mahoning County Court of Common Pleas, Judge R. Scott Krichbaum.

Capital Finance Group could not be reached to comment.

“Capital Finance Group LLC and its corporately affiliated predecessors have decades of experience and personal-relationship developments that place it in the unique position for evaluation and potential acquisition of Youngstown Thermal,” the filing reads.

The company asks the court for “all documentations regarding the previous and current operations of Youngstown Thermal” for its evaluation.

The finance group says it has already “expended significant proprietary capital,” related to its interest in Youngstown Thermal.

The Ohio Public Utilities Commission of Ohio last month had the Ohio Attorney General’s office ask the judge to appoint a receiver after it discovered the financial struggle of Youngstown Thermal could cause an energy crisis in downtown Youngstown.

Youngstown Thermal told PUCO it could not meet its payroll expenses and pay its utility bills.

Judge Krichbaum appointed Reg Martin as the receiver of Youngstown Thermal. Martin runs Martin Management Services in Columbus.

The court-appointed receiver takes over companies in financial struggle.

PUCO commissioners recently approved surcharge rates for customers, so the company’s payroll expenses can be met.

Youngstown Thermal has 45 customers on its system. Four of those customers are on the cooling system and the rest are on heating.

A status hearing on the case is scheduled for 10 a.m. Friday at Mahoning County Court of Common Pleas.