Edison Mission Energy won court approval of a plan to exit chapter 11 protection via its $2.6 billion sale to NRG Energy Inc., the Wall Street Journal reported today. Bankruptcy Judge Jacqueline Cox yesterday confirmed Edison Mission's chapter 11 plan, which the company recently overhauled to incorporate a settlement with its parent company that will boost creditor recoveries. Under the plan, Edison Mission's operations will be sold to NRG, which will pay $2.285 billion in cash and $350 million in stock. Sale proceeds will be used to pay Edison Mission's creditors, most of whom support the plan.
