Paducah Power director of community relations Andrea Underwood says financial and legal experts with Chapter 9 bankruptcy experience this week told PPS that it does not qualify for bankruptcy because the company is solvent.
“We committed to our customers that we would consider all options as we move forward,” said Paducah Power interim general manager Mark Crisson. “We have done our due diligence, and it is clear that bankruptcy is not an option for PPS.”
Crisson plans to ask the PPS board at its December 8th meeting to re-emphasize its commitment to the rate recovery plan approved earlier this month, which does not include bankruptcy as an option. The recovery plan includes several measures that will prevent the utility’s Power Cost Adjustment from rising this winter, and includes a 76% reduction in its PCA July 1, 2015.
