Hornell, NY, August 18--Everything Steuben Tile-related gets postponed, whether it's getting the factory open or selling the factory off, according to the Hornell Evening Tribune.
Today's planned auction of the defunct ceramic tile company's assets has been put off until Sept. 14, according to Jim Griffin, Hornell Industrial Development Agency executive director. Mortgage holder Steuben Trust Company notified the IDA of foreclosure in July to recover some of the money invested over the last three years.
Waiting one more month to auction might yield a better sale.
"I think the bank was getting set to sell it as a package," Griffin said. "They have some interest in it, that they're trying to sell it that way."
The IDA also is interested in selling Steuben Tile as a whole; in fact, even in foreclosure, the agency continues attempts to tenant the plant.
"We're working with a couple of companies still that are interested in it as a tile plant, and some whose interest is in it as not a tile plant," Griffin said. "We feel the best use of it would be as a tile plant. That's what we've been working toward all along. If that doesn't happen, then you'll probably see an auction."
The IDA so far has neither strategy nor plans for an auction, according to Griffin.
Lack of capital brought Steuben Tile's operations to a halt in November. Investors tried desperately to rake up new funds to keep it going, but were unsuccessful.
There are some substantial losses to recoup from the defunct factory. Griffin has estimated more than $4 million - including some $220,000 from the IDA - has gone into Steuben Tile's building and equipment
