[GRAPHIC OMITTED] EXHIBIT 99.1
NEWS RELEASE
NYSE: NOR
Contacts:
Media: Investors:
Roger Schrum Iya Davidson/Karen Bleier
605-978-2848 Gavin Anderson & Company
roger.schrum@northwestern.com 605-782-5345
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NORTHWESTERN RECEIVES APPROVAL OF FIRST DAY MOTIONS
Interim Access to DIP Financing Approved
Company Continues Normal Operations
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SIOUX FALLS, S.D. - Sept. 16, 2003 - NorthWestern Corporation today announced
that it has received approval from the U.S. Bankruptcy Court for the District of
Delaware for a series of the company's "first day" motions.
Following a hearing held on September 15, 2003, the court approved, among other
things, motions related to:
o Normal payment of employee salaries, wages and benefits;
o Payment to suppliers for the post-petition delivery of goods and
services;
o Allowance to pay unpaid property taxes to counties in the State of
Montana;
o Continuation of bank accounts and existing cash management system; and
o Continuation of forward power contracts and the ability to enter into
such contracts in the ordinary course of business.
Additionally, the court approved, under interim order, access to $50 million of
the $100 million debtor-in-possession financing facility arranged by the company
with Bank One, N.A. These funds, in addition to unrestricted cash and normal
cash flow, will provide sufficient liquidity to continue normal operations,
including the procurement of energy supplies, as the Company restructures.
"The approval of our first day motions helps ensure that NorthWestern can
maintain its focus on serving our customers and delivering reliable energy
services as we work to strengthen our financial platform," said Gary G. Drook,
NorthWestern's President and Chief Executive Officer.
As previously announced, NorthWestern Corporation filed to reorganize under
Chapter 11 of the U.S. Bankruptcy Code on Sept. 14, 2003, with the U.S.
Bankruptcy Court for the District of Delaware. The case number is 03-12872
(PJW), and the presiding judge is the Honorable Peter J. Walsh.
About NorthWestern
NorthWestern Corporation is one of the largest providers of electricity and
natural gas in the Upper Midwest and Northwest, serving more than 598,000
customers in Montana, South Dakota and Nebraska. NorthWestern also has
investments in Expanets, Inc., a nationwide provider of networked communications
and data solutions to small and mid-sized businesses; and Blue Dot Services
Inc., a provider of heating, ventilation and air conditioning services to
residential and commercial customers.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
On one or more occasions, we may make statements in this news release regarding
our assumptions, projections, expectations, targets, intentions or beliefs about
future events. All statements other than statements of historical facts,
included or incorporated by reference herein relating to management's current
expectations of future financial performance, continued growth, changes in
economic conditions or capital markets and changes in customer usage patterns
and preferences are forward looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934.
Words or phrases such as "anticipates," "believes," "estimates," "expects,"
"intends," "plans," "predicts," "projects," "targets," "will likely result,"
"will continue" or similar expressions identify forward-looking statements.
Forward-looking statements involve risks and uncertainties, which could cause
actual results or outcomes to differ materially from those expressed. We caution
that while we make such statements in good faith and we believe such statements
are based on reasonable assumptions, including without limitation, management's
examination of historical operating trends, data contained in records and other
data available from third parties, we cannot assure you that our projections
will be achieved. Factors that may cause such differences include but are not
limited to:
(i) Because we have filed for Bankruptcy protection, our creditors
will be paid prior to our stockholders and our stockholders may
lose their entire investment;
(ii) if Expanets' or Blue Dot's business continues to be disrupted,
including by the loss of key employees, customers and suppliers or
reductions in liquidity, and the value of such businesses and
their respective assets decline further as a result of our efforts
to sell or dispose of such businesses or assets, and our limited
ability to provide further funds to such businesses, then our
ability to reduce debt with the proceeds of a sale of such
businesses or assets will be adversely affected;
(iii) we may become subject to additional adverse federal, state, or
local legislation or regulation or adverse determinations by
regulators which may adversely affect our ability to effectively
emerge from Bankruptcy;
(iv) unanticipated changes in commodity prices or in fuel supply costs
or availability due to higher demand, shortages, weather
conditions, transportation problems or other developments, in
combination with reduced availability of trade credit, may reduce
revenues or may increase operating costs, each of which would
adversely affect our liquidity;
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(v) increases in interest rates will increase our cost of borrowing;
(vi) if the rate of growth and economic conditions in our service
territories decline, our operations and financial condition would
be adversely affected;
(vii) adverse changes in general economic and competitive conditions in
the markets in which we may compete may adversely affect our
operations and financial condition; and
(viii) certain other business uncertainties related to the occurrence of
natural disasters, war, hostilities and the threat of terrorist
actions may adversely affect our operations and financial
condition.
We have attempted to identify, in context, certain of the factors that we
believe may cause actual future experience and results to differ materially from
our current expectation regarding the relevant matter or subject area. In
addition to the items specifically discussed above, our business and results of
operations are subject to the uncertainties described under the caption "Risk
Factors" which is a part of the disclosure included in Item 2 of our Report on
Form 10-Q entitled "Management's Discussion and Analysis of Financial Condition
and Results of Operations."
From time to time, oral or written forward-looking statements are also included
in our reports on Forms 10-K, 10-Q and 8-K, Proxy Statements on Schedule 14A,
press releases and other materials released to the public. Although we believe
that at the time made, the expectations reflected in all of these
forward-looking statements are and will be reasonable, any or all of the
forward-looking statements in our reports on Forms 10-K, 10-Q and 8-K, Proxy
Statements on Schedule 14A and any other public statements that are made by us
may prove to be incorrect. This may occur as a result of inaccurate assumptions
or as a consequence of known or unknown risks and uncertainties. Many factors
discussed in this news release, certain of which are beyond our control, will be
important in determining our future performance. Consequently, actual results
may differ materially from those that might be anticipated from forward-looking
statements. In light of these and other uncertainties, you should not regard the
inclusion of a forward-looking statement in this news release or other public
communications that we might make as a representation by us that our plans and
objectives will be achieved, and you should not place undue reliance on such
forward-looking statements.
We undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
However, your attention is directed to any further disclosures made on related
subjects in our subsequent annual and periodic reports filed with the Commission
on Forms 10-K, 10-Q and 8-K and Proxy Statements on Schedule 14A.
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