Brazos Electric Wins Approval of Bankruptcy Plan, Ercot Deal

Brazos Electric Power Cooperative, the power company that went bankrupt after a deadly winter storm in Texas last year, won court approval of a restructuring plan that calls for selling assets and paying the state’s grid operator as much as $1.44 billion.

US Bankruptcy Judge David R. Jones said he would approve the company’s bankruptcy exit plan during a hearing in Houston on Monday. Brazos intends to exit Chapter 11 protection before the end of the year, a company lawyer said in the hearing.

The deal calls for Brazos to pay the Electric Reliability Council of Texas about $1.2 ...