FirstEnergy Solutions Says Judge Indicates Bankruptcy Exit Plan Will Be Approved
FES, With Retail Electric Supply Business, Prepares To Be Stand-Alone Company
October 15, 2019 Email This Story Copyright 2010-19 EnergyChoiceMatters.com
Reporting by Paul Ring • firstname.lastname@example.org
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FirstEnergy Solutions Corp. ("FES") and FirstEnergy Nuclear Operating Company ("FENOC" and with FES, the "Company") today announced that, "the U.S. Bankruptcy Court Judge overseeing the Chapter 11 restructuring will confirm the Company's Plan of Reorganization ('the Plan'), enabling the Company to implement the Plan and conclude the restructuring process by the end of 2019."
"The Honorable Judge Alan M. Koschik of the U.S. Bankruptcy Court for the Northern District of Ohio today indicated he will confirm the Plan that was supported by more than 93 percent of voting creditors. The Company will begin to implement the Plan, subject to satisfaction of other conditions to the effectiveness of the Plan, including all regulatory approvals," FES said
Under the plan, FES will be separated and no longer affiliated with the holding company FirstEnergy Corp. (and the FirstEnergy Corp. utilities), with FES retaining its retail electric supply business
"We are now in a position to successfully conclude the Chapter 11 process and will emerge from the restructuring as a fully independent energy company well-positioned to continue serving the needs of our 800,000 customers," said John W. Judge, President and Chief Executive Officer of FES.