Reuters: Brazos Electric Gets Initial Go-Ahead for $1.4 Bln Energy Bill Settlement
September 13, 2022
Chief US Bankruptcy Judge David Jones said that the Brazos Electric Power Cooperative’s disclosure statement for its bankruptcy restructuring proposal contains enough information for creditors to make an informed vote. The proposed plan includes a US$1.4 billion payment to the Electric Reliability Council of Texas (ERCOT). Brazos, Texas’ oldest and largest electric cooperative, filed for bankruptcy in March 2021 after receiving US$2.1 billion in wholesale power bills following the February 2021 Texas storm. According to the plan, Brazos will sell its energy generation facilities and reorganize as an energy transmission business. Brazos is represented by Lou Strubeck and Nick Hendrix of O’Melveny & Myers LLP.
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