Cordes & Company

Power plant ceases operations

A municipal power plant was built in 1997 to provide electric power to two cities – Hildale, Utah, and Colorado City, Arizona.  The purpose was to provide these remote cities, home to many polygamist families, with an independent source of electricity and local jobs.  When the plant ceased operation in 2005, due to unsustainable costs, it defaulted on $21.4 million in municipal bonds. The lender foreclosed and retained Cordes & Company as liquidating agent.  We dismantled and sold the plant.  This engagement was particularly complex, since it involved negotiating with city governments and selling a unique assets with a very limited but international market.

California
2030 Main Street
Suite 1600
Irvine, CA 92614
Telephone: 949.379.1202
Colorado
5299 DTC Boulevard
Suite 815
Greenwood Village, CO 80111
Telephone: 303.721.8755
Minnesota
220 South 6th Street
Suite 2125
Minneapolis, MN 55402
Telephone: 612.455.6027
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