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GREAT FALLS - A federal bankruptcy judge has approved a $3.25 million settlement that allows the city of Great Falls to leave a bankrupt electric cooperative.

Bankruptcy Court Judge Ralph B. Kirscher noted there were no formal objections to the settlement between the city and the trustee for Southern Montana Electric Generation and Transmission Cooperative. The power supplier filed for bankruptcy in October 2011

Doug James, an attorney for Great Falls, said he is thrilled the judge approved the settlement on Wednesday.

Yellowstone Valley Electric has already settled and left the co-op.

The city has lost $7 million on its Electric City Power utility and estimates it will lose more than $12 million by the time the books are closed.

 

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