White Co. officials working to keep Magnetation plant open

This file photo from Oct. 24, 2014, shows the Magnetation plant in Reynolds, Ind., located in White County. (WLFI File Photo)
This file photo from Oct. 24, 2014, shows the Magnetation plant in Reynolds, Ind., located in White County. (WLFI File Photo)

REYNOLDS, Ind. (WLFI) – Officials are making last ditch efforts to keep the doors open on a White County iron ore pellet plant.

After filing for Chapter 11 Bankruptcy protection last year, Minnesota-based Magnetation, LLC announced a possible shutdown of its Reynolds plant last month.

In a meeting on Monday, White County officials adopted a joint resolution to help keep the plant operating.

Officials have expressed their intent to loan the company part of its tax increment revenues from 2015 if the company commits to staying open. Repayment of the loan will come no later than Dec. 31.

They are also encouraging the state to provide incentives to the company.

White County attorney George Loy said right now, everything is up in the air.

“We’re hopeful but, right now, the ball’s in Magnetation’s court to, hopefully, strike a deal by the end of the month,” said Loy.

He said the company has a bankruptcy hearing in Minnesota set for next week.

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