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Southern Bankruptcy trustee fired

By Eleanor Guerrero
CCN

Dick Peck, BEC Manager discusses the court's decision.

The trustee overseeing the Southern Montana Electric Generation and Transmission Cooperative, Inc. (Southern) bankruptcy was removed by U.S. Bankruptcy Judge Ralph Kirscher, Tuesday, Nov. 26, in an unexpected move that could lead to the breakup of the troubled co-op and the sale of assets including a power plant near Great Falls. Beartooth Electric Cooperative (BEC) Manager Richard Peck exclaimed, “It happened yesterday and I heard around 4:30-5 p.m.; the texts were going wild. This is a great Thanksgiving.” Southern Board member Arleen Boyd observed, “We are the ‘Debtor in Possession’ now; we are in charge.” Peck said, “You’ll have to work fast.” Boyd agreed, “Fast and hard and constant,” noting the challenging times ahead with the leadership of the company back in the hands of the board and daunting debts mounting to over $440 million.

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