Power Co-Op SME Enters Ch. 11 Amid Cash Crisis

Law360, New York (October 24, 2011, 6:58 PM EDT) -- Power distributor Southern Montana Electric Generation and Transmission Cooperative Inc. filed for Chapter 11 protection on Friday, grappling with what officials called a cash flow crisis.

The bankruptcy petition of Billings, Mont.-based SME listed assets of $100 million to $500 million and estimated liabilities in the same range. The cooperative also said it had between 50 and 99 creditors.

A resolution adopted Friday by SME's board of trustees blamed the cash flow problems on issues with the cooperative's power supply obligations, issues with payments and rate...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.