MURRAY -- Deseret Generation & Transmission Cooperative, operator of the 430 megawatt Bonanza power plant in eastern Utah, has settled the foreclosure action filed against the facility in March 1996.
Lynn Mitton, Deseret's general manager, said the settlement negotiated among Deseret and its principal creditors provides for dismissal of the foreclosure lawsuit, including all claims filed against Deseret and its six rural electric distribution cooperative owners.The settlement also provides for the transfer to Deseret of ownership of the Bonanza plant. Deseret has operated the plant since its construction in 1985 but previously acted as operator/lessee.
The Bonanza plant provides the majority of power generated by Deseret to serve its cooperatives.