Groups eye NorthWestern (bankrupt energy utility) bid | Missoulian

[Ediacara]

Groups eye NorthWestern bid
By CHARLES S. JOHNSON Missoulian State Bureau

Alliance proposes buying utility holdings

HELENA - MDU Resources Group Inc. and electric cooperatives in Montana and the Dakotas have formed an alliance that will bid on some of bankrupt NorthWestern Corp.'s utility holdings, officials said Monday.

Executives of the groups said they will offer a superior plan to NorthWestern's stakeholders than seeing the company reorganize under Chapter 11 bankruptcy protection. They mentioned no specific prices, saying they first need to perform "due diligence" to learn more about NorthWestern's assets and liabilities.

The North Dakota-based MDU has teamed with East River Electric Power Cooperative in Madison, S.D., Basin Electric Power Cooperative of Bismarck, N.D., and Montana Associated Cooperatives in Great Falls in the alliance.

NorthWestern officials have insisted the company is not for sale.

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[Frangible]

1. oh, how I love deregulation

and privitization. Oh wait, no I don't.

Now if you'll excuse me, I need to go back to using my electrons from my bankrupt power company that charges more than the public utility ever did.

[Ediacara]

2. yup

Second bankrupt electrical utility in Montana in as many years. I am really not too hot on its bankruptcy happening in winter. I... uh... don't have a fireplace, and I doubt my landlord would appreciate me making a makeshift one in my living room....