Coop Members Demand More Information About Geothermal Program
Posted on Dec 5, 2011 in Corporate Governance, Rates | Comments Off on Coop Members Demand More Information About Geothermal Program
Alaska-based Naknek Electric Association filed for Chapter 11 protection from creditors in September 2010. The coop’s financial woes were due, in large part, to complications with a geothermal energy program. Shortly after Naknek Electric filed a disclosure statement and reorganization plan with the bankruptcy court, a committee representing the interests of Naknek Electric members filed a six-page objection to the coop’s disclosure statement. The committee raised concerns about the possibility of the coop continuing with its geothermal drilling project and requested more information about how the coop used its existing loans. Click here to read more.
