NorthWestern ordered to produce documents for former chief operating officer

By Jeff Pines

Washington, June 22 - NorthWestern Corp.'s former chief operating officer will get the documents he wants. The U.S. Bankruptcy Court for the District of Delaware ordered the company to turn over the documents, according to a Tuesday filing with the court.

Richard Hyland, the company's former chief operating officer, wants documents relating to the company's valuation, those having anything to do with his employment agreement and other financial documents.

Hyland said he was forced to resign and is in arbitration over his leaving the company.

Based on his own experience working for NorthWestern, Hyland questioned the method the Sioux Falls, S.D.-based utility and its financial advisor Lazard Freres & Co.used to arrive at a value for it.

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

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.

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