Federal Judge Removes Montana Coop’s Bankruptcy Trustee
In November, a U.S. Bankruptcy Judge ruled to remove the trustee overseeing the bankruptcy proceedings of Southern Montana Electric Generation and Transmission Cooperative (Southern Montana). The judge noted that because Southern Montana’s members are now in agreement to liquidate the cooperative’s plant and assets and the bankruptcy trustee has failed to obtain confirmation of his reorganization after two years, the trustee is no longer needed. Some of Southern Montana’s lenders, Prudential Insurance and Modern Woodmen of America, opposed the trustee’s removal. Two of Southern Montana’s former members, Yellowstone Valley Electric Cooperative and Electric City Power of Great Falls, left the cooperative earlier this year pursuant to settlements with the trustee. For more information, click here.
