Law360 (April 12, 2021, 5:02 PM EDT) — Bankrupt Texas power provider Brazos Electric is seeking the appointment of a special advisory committee, telling a judge Friday that its unique governance and ownership structure could create potential conflicts in its Chapter 11 case.
In its motion, Brazos said that because it is a member-owned cooperative where its 16 members appoint the board of directors, and because those same 16 members are creditors of the bankruptcy estate, conflicts are likely to arise.
“While no conflict has yet to arise and the debtor and board are functioning smoothly as they did pre-petition, the debtor has proposed the formation of the Advisory…
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!