Oglebay Norton Misses Loan Payment, Hints at Bankruptcy

CLEVELAND - Oglebay Norton Company announced recently that it would miss an interest payment that was due to note holders earlier this month and that it may not be able to restructure its financial operations without seeking bankruptcy protection.

In a statement issued Jan. 30, the company said it decided not to make the interest payment, which was due Feb. 2, on its 10 percent 2/1/09 Senior Subordinated Notes and that the company and its management are in 'discussions' with the company's bank group and secured and subordinated note holders.

Oglebay had previously reported in filings with the SEC that …