Otter Tail completes its transition to a holding company structure
Clients Otter Tail Corporation
Jones Day assisted Otter Tail Corporation (Nasdaq: OTTR, 2008 revenues $1.3 billion) with its transition to a holding company structure. Jones Day represented the company before the Federal Energy Regulatory Commission and the state public utility commissions of Minnesota, North Dakota and South Dakota in obtaining the necessary regulatory approvals for the transaction. The transaction separates Otter Tail's regulated electric generation, transmission and distribution business into a separate subsidiary, better insulating it from the company's non-regulated activities. In addition to the regulatory aspects, Jones Day advised the company on corporate structure and affiliated interest issues.
Planning for the project began in 2006 with regulatory filings made in June 2008. All approvals were in place within the relatively short period of about six months of filing. Since then, the company has been involved in restructuring its outstanding securities to accommodate the reorganization, which became effective on July 1, 2009.