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Brazos Electric Power Cooperative, Inc. Files for Chapter 11 Financial Restructuring
Brazos is bankrupted by a “black swan” winter storm event that brought the coldest 48 hours in the last 100 years to Texas and beyond. Brazos is the oldest and largest cooperative in Texas serving 1.5MM members, and they got slammed as a generation “price-taker” with an obligation to serve the members. Just a few weeks ago, Brazos had a top tier credit rating....today they need protection from creditors owing $1.8B to ERCOT. There will much to watch in Texas in the months and years to come.
See the Brazos Press Release dated 03/01/21 that delivers the sad news.
Brazos Electric Power Cooperative, Inc. Files for Chapter 11 Financial Restructuring
– Brazos Electric Power Cooperative, Inc. (“Brazos Electric” or “the Company”), a leading, and Texas’ oldest and largest, generation and transmission power cooperative serving 16 distribution Member cooperatives that serve more than 1.5 million Texans, announced today that it filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas
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