FirstEnergy Sets Meetings With FirstEnergy Solutions Creditors

FirstEnergy Corp. management is scheduled to have discussions with FirstEnergy Solutions (FES) creditors this week, FirstEnergy Corp. CEO Chuck Jones said during an earnings call on Friday

"Our FES team got a call from a group that, at least, preliminarily says they represent more than 80% of the creditors, and they outlined a formula for a potential discussion that was interesting enough that FES decided it was worth pursuing," Jones said

"I will be engaged in that discussion because, obviously, the creditors are interested in talking about what FirstEnergy might be willing to do to get this settled also. So, beyond that, I think we always knew this was going to happen at some point in time. I think it is clearly the preferred route, if we end up in a bankruptcy proceeding with FES, to do it through a structured settlement that all parties are comfortable with. So, we need to, we just need to start those discussions and see them through to the end and see what comes out of them. And beyond that, I think it's pretty clear, we're not going to negotiate with creditors in the public venue, so the types of things we're talking about, they're going to morph and we'll just have to communicate it at the end when we know the results," Jones said