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FirstEnergy nuclear, coal plant units file for bankruptcy

Published 04/02/2018, 08:09 AM
© Reuters. FirstEnergy nuclear, coal plant units file for bankruptcy
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  • FirstEnergy (NYSE:FE) announced late on Saturday that its nuclear and coal power plant units filed for Chapter 11 bankruptcy protection.
  • The filing was made by FirstEnergy Solutions and FirstEnergy Nuclear Operating Co., which say they have more than $550M in cash and sufficient liquidity to continue normal operations while restructuring.
  • The FirstEnergy Corp. parent is not part of the bankruptcy case, nor are other company subsidiaries that operate in regulated electricity markets, but creditors are considering asserting claims that the parent failed to honor its financial obligations to the bankrupt units, WSJ reports.
  • Last week, FE said it would shut three nuclear plants in Ohio and Pennsylvania in the next three years and asked the Trump administration for emergency help in keeping plants open across the Midwest.
  • Now read: S&P 500 'Safer' Dividend Gains Led By Leggett, Simon, And Ford For February


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