Dallas Business Journal: Brazos Electric Power Cooperative Nears Deal in Bankruptcy
July 6, 2022
An agreement has been reached in principle between Brazos Electric Power Cooperative and most of its creditors that could result in it exiting bankruptcy by the fall. Brazos filed for Chapter 11 protection after receiving a US$1.9 billion bill for the Electric Reliability Council of Texas following Winter Storm Uri in February 2021. “This is one of the most complex corporate restructurings that I have ever worked on,” said Lou Strubeck, a partner at O’Melveny and co-lead counsel for Brazos. The co-op’s board will schedule a meeting within two weeks to vote on the proposed plan.
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