Cities make offer for NorthWestern utility operations

HELENA - A new nonprofit corporation formed by five city governments offered bankrupt NorthWestern Corp. $1.26 billion today for its utility transmission and distribution system in Montana.

The proposal, approved unanimously by directors of the Montana Public Power Inc., includes $900 million in cash and assumption of $358 million in the company's debts and other financial obligations.

The offer, if approved by NorthWestern's major creditors and various state and federal regulators, could result in the cities taking over operation of the utility's operations by early next year, officials said....