Brazos seeks another extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., July 26 – Brazos Electric Power Cooperative, Inc. is seeking another extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the company asked the court to extend the plan filing period through Sept. 1 from July 26 and the solicitation period through Oct. 31 from Sept. 22.

The company said it believes it has an agreement in principle with the majority of the major constituents in its Chapter 11 case and is confident that the agreement forms a solid basis for a confirmable plan.

Brazos was in mediation for several months regarding the resolution of an adversary proceeding with the Electric Reliability Council of Texas (Ercot). The mediation later expanded to include over 40 parties and culminated in multiple mediation proposals.

“Although there has been remarkable progress, considerable work remains to be done,” the debtor said in the motion.

The company said it has an in-person meeting in August with Ercot to work through informational, mechanical, due diligence and regulatory issues.

A hearing on the exclusivity extension is scheduled for Aug. 17.

Brazos Electric is a 3,994-megawatt generation and transmission cooperative based in Waco, Tex. The company filed bankruptcy on March 1, 2021 under Chapter 11 case number 21-30725.

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