Southern continues to meet with creditors
By Eleanor Guerrero
Carbon County News, March 13, 2014
Despite rumors swirling around, there is no "done deal" at this time with the Southern Montana Electric Transmission and Generation Cooperative, Inc. (Southern) bankruptcy and meetings are ongoing between debtors and creditors. With four remaining electric cooperatives in Southern, a host of secured and unsecured creditors, various contracts for power and a major generation and transmission plant, there are many details involved.
Southern Board member and Beartooth Electric Cooperative Board member Arleen Boyd commented to CCN, "The parties reached an agreement in principle in February and began working to define terms for an agreement to settle the bankruptcy."
"That work has not yet produced a term sheet, which then would be followed by a settlement plan. The parties have agreed to maintain confidentiality regarding their discussions," Boyd said.
Boyd noted that since the work is ongoing to discuss the possibility of terms all filed actions in the case are currently stayed.