National Rural Utilities Cooperative Finance Corp 8-K, filed Mar 1, 2021
National Rural Utilities Cooperative Finance Corp (NRUC)
About this 8-K
National Rural Utilities Cooperative Finance Corp filed this 8-K on March 1, 2021.
Items reported
- Item 7.01: Regulation FD disclosure
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 7.01 | Regulation FD Disclosure. |
On March 1, 2021, National Rural Utilities Cooperative Finance Corporation (the “Company”) was informed that Brazos Electric Power Cooperative, Inc. (“Brazos”) filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. The Company currently has $81.6 million in unsecured outstanding loans and letters of credit totaling $3.4 million to Brazos. In addition, the Company has a $29.6 million secured outstanding loan to Brazos’ wholly-owned subsidiary, Brazos Sandy Creek Electric Cooperative, Inc. (“Sandy Creek”). Sandy Creek is not a debtor in the bankruptcy filing. The Company is not currently able to assess to what extent, if any, the bankruptcy process may impair the Company’s ability to collect amounts outstanding.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION | ||
| By: | /s/ J. Andrew Don | |
| J. Andrew Don | ||
| Senior Vice President and Chief Financial Officer | ||
Dated: March 1, 2021