FirstEnergy officials are scheduled to meet with creditors of the company’s struggling competitive generation unit, FirstEnergy Solutions, which includes two Pennsylvania power plants in Beaver County employing about 1,000 people, the Pittsburgh Post-Gazette reported on Saturday. The meeting with creditors, reported during an earnings call on Friday, is a development in the Akron, Ohio-based energy company’s plan to shed its power plants in competitive energy markets. And the move is a sign that FirstEnergy is interested in negotiating a deal to restructure FirstEnergy Solutions and is considering crafting a plan that could be either presented as part of a chapter 11 bankruptcy filing or be used to avert bankruptcy. “I think we always knew somewhere along the line this engagement with creditors was going to happen,” Chuck Jones, FirstEnergy’s president and chief executive officer, told investors and analysts. Jones said that he FirstEnergy Solutions management team recently got a call from a group representing about 80 percent of the creditors offering some proposals. Read more.
Get a better understanding of what happens when an oil, gas or other natural resources company goes bankrupt. Order your copy of ABI's revised and expanded When Gushers Go Dry: The Essentials of Oil & Gas Bankruptcy, Second Edition.
