AKRON, Ohio, Oct. 15, 2019 /PRNewswire/ -- FirstEnergy Solutions Corp. ("FES") and FirstEnergy Nuclear Operating Company ("FENOC" and with FES, the "Company") today announced that the U.S. Bankruptcy Court Judge overseeing the Chapter 11 restructuring will confirm the Company's Plan of Reorganization ("the Plan"), enabling the Company to implement the Plan and conclude the restructuring process by the end of 2019.
The Honorable Judge Alan M. Koschik of the U.S. Bankruptcy Court for the Northern District of Ohio today indicated he will confirm the Plan that was supported by more than 93 percent of voting creditors. The Company will begin to implement the Plan, subject to satisfaction of other conditions to the effectiveness of the Plan, including all regulatory approvals.
"This is a landmark day in the history of our Company," said John W. Judge, President and Chief Executive Officer of FES. "We are now in a position to successfully conclude the Chapter 11 process and will emerge from the restructuring as a fully independent energy company well-positioned to continue serving the needs of our 800,000 customers."
FES, its subsidiaries and FENOC voluntarily filed for bankruptcy on March 31, 2018 in order to facilitate an orderly financial and operational restructuring. The case is proceeding in the U.S. Bankruptcy Court for the Northern District of Ohio, in Akron.
SOURCE FirstEnergy Solutions