FirstEnergy Corp. said on Saturday that its nuclear and coal power plant units filed for bankruptcy court protection as the company looks to restructure, sell assets and win government support to cope with competitors using lower-cost natural gas, Reuters reported. The chapter 11 filing was made by FirstEnergy Solutions and FirstEnergy Nuclear Operating Co. The companies said they have over $550 million in cash and “sufficient liquidity to continue normal operations” while restructuring. The legal move came after FirstEnergy urged the federal government on Thursday to evoke little-used emergency powers to help it keep several struggling nuclear and coal-fired power plants open, a move critics described as an appeal for a corporate bailout.
