Tri-State Generation & Transmission Association, Inc. 8-K

What Happened Tri-State Generation & Transmission Association, Inc. filed an 8-K on January 15, 2026 reporting two matters: (1) it received notice on January 9, 2026 that certain state unemployment taxes were not timely paid, creating tax liens in some states, and (2) Julie Kilty resigned as Secretary and as the director representing Wyrulec Company effective January 13, 2026. Tri-State has paid the Taxes, interest and penalties in all states where owed and considers the related technical default cured.

Key Details

• The unpaid state unemployment Taxes, including interest and penalties, totaled less than $1 million.
• Nonpayment led to tax liens in some instances; all taxes, interest and penalties have been paid and liens satisfied.
• Tri-State determined the issue constituted a technical default under its Master First Mortgage Indenture (with an initial 30‑day cure period); had the cure not occurred, certain lenders could have accelerated obligations that might have required roughly $950 million to be repaid.
• Julie Kilty resigned as Secretary and as a board director for Wyrulec Company’s seat on January 13, 2026; Tri-State states the resignation was not due to any disagreement with the company.

Why It Matters

• The cured technical default removed an immediate risk that lenders could accelerate debt — a scenario that could have created substantial liquidity pressure (the filing cites potential repayment exposure of about $950 million).
• The underlying issue was operational (timely tax payment), not a large cash liability, but it points to weaknesses in internal controls; Tri-State says it is refreshing systems and protocols to prevent recurrence.
• The board-level change appears routine (no disagreement reported), but investors should note the governance update and monitor disclosed remediation steps and any further lender communications.