SME reorganizes following bankruptcy
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BILLINGS — The offshoot corporation of a bankrupt wholesale electricity cooperative has reorganized by doubling the size of its board of directors and accepting the resignation of its general manager.
SME also named new representatives from its four member distribution cooperatives — Mid-Yellowstone, Tongue River, Fergus and Beartooth co-ops, the Billings Gazette reports.
Tim Gregori is no longer SME’s general manager, said attorney Gary Ryder, who represents Mid-Yellowstone. Gregori also formerly headed the wholesale cooperative, Southern Montana Electric Generation and Transmission.
SME was created in 2008 with four of Southern’s six member distribution cooperatives. It was originally formed to build a gas-fired plant opposed by two of the six members that did not want to finance the $85 million project, Yellowstone Valley Electric Cooperative based in Huntley and the City of Great Falls.
In 2010, SME transferred the Highwood project to Southern, which financed the construction. That debt and contracts to buy more expensive power than needed prompted Southern to declare bankruptcy last year.
SME is not a part of Southern’s bankruptcy, but it met and reorganized because of pending issues and assets involving the bankruptcy. As a registered corporation in good standing with the state of Montana,
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