Former NorthWestern executive seeks documents on company's valuation

By Jeff Pines

Washington, June 7 - NorthWestern Corp.'s former chief operating officer wants the company to turn over documents relating to the company's valuation, those having anything to do with his employment agreement and other financial documents.

Richard Hylland, a former chief operating officer and board member, said he was forced to resign and is in arbitration over his leaving the company.

Hylland filed a detailed objection to the Sioux Falls, S.D.-based utility's disclosure plan, which was approved May 26.

Based on his own experience working for NorthWestern, he questions the method the company and its financial advisor Lazard Freres & Co. used to arrive at a value for it.

The plan calls for holders of $898 million of unsecured note claims to get 98% of the common stock of the reorganized company.

A June 21 hearing is scheduled.

The confirmation hearing for the reorganization plan is scheduled for Aug. 25.

NorthWestern filed for bankruptcy on Sept. 14, 2003. Its Chapter 11 case number is 03-12872.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.