A reorganization plan for the bankrupt Southern Montana Electric Generation and Transmission Cooperative calls for keeping the co-op together, restructuring its debt and signing a new long-term power contract at reasonable rates that would allow repayment of creditors.
On Wednesday, Jan. 30, board members of Beartooth Electric Co-op (BEC) attended a mandatory settlement conference. The meeting was required as part of the procedure in the bankruptcy case of Southern Montana Electric Generation and Transmission Cooperative, Inc. (Southern). BEC met with major secured creditor, Prudential Insurance Company (Prudential) to see if a settlement could be reached at this time.
The Beartooth Electric Co-op (BEC) held its monthly board meeting on Friday, Jan. 25 at the Red Lodge Area Community Foundation center. The Due Diligence Committee reported on the latest in the Southern Montana Electric Generation and Transmission Cooperative (Southern) bankruptcy and related matters.
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