Southern Montana Electric trustee seeks cash collateral use extension

By Jim Witters

Wilmington, Del., Aug. 13 - Southern Montana Electric Generation and Transmission Cooperative, Inc.'s Chapter 11 trustee is seeking approval for a stipulation extending the final order for use of the lenders' cash collateral through the end of the year, according to an Aug. 13 filing with the U.S. Bankruptcy Court for the District of Montana.

The trustee needs use of the cash collateral to continue to operate the business and "effectuate a reorganization of the debtor's business," according to the request.

The stipulation is with U.S. Bank, NA as indenture trustee and certain holders consisting of Prudential Insurance Co. of America, Universal Prudential Arizona Reinsurance Co., Prudential Investment Management as successor in interest to Forethought Life Insurance Co. and Modern Woodman of America.

"All other terms and conditions of the final order shall remain the same and unaffected. Nothing contained in the stipulation shall impair or affect the finality of the final order," the motion states.

No hearing has been scheduled to consider the request.

Southern Montana filed for bankruptcy on Oct. 21, 2011. The Billings, Mont.-based cooperative's Chapter 11 case number is 11-62031.

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