AKRON, Ohio, April 4, 2019 /PRNewswire/ -- FirstEnergy Solutions Corp. ("FES" or the "Company") today announced that the Company expects to submit a revised Disclosure Statement for its proposed Plan of Reorganization ("the Plan") to the U.S. Bankruptcy Court overseeing its Chapter 11 restructuring.
"Working with our advisors, we have already initiated action to address the Court's ruling and will submit a new request to have the disclosure statement approved in a timely manner," said John Judge, CEO and President of FES. "The Company remains focused on a plan that will significantly strengthen its financial position and allow it to exit Chapter 11 in 2019."
Today's Court ruling has no impact on the Company's operations or its ability to continue serving customers with safe, reliable, and clean energy.
As previously announced, the Company, the official committee of unsecured creditors (the "Committee"), two creditor groups representing a majority in aggregate amount of the Debtors' funded indebtedness and sale-leaseback certificates (the "Ad Hoc Groups"), and a group of creditors holding claims against FES and FirstEnergy Nuclear Operating Co. (the "FES Creditor Group") have reached agreement on the terms of a Restructuring Support Agreement ("RSA") that contemplates the continued ownership and operation of the Company's retail and wholesale load-serving business following emergence from Chapter 11 protection. The Court authorized the Company to enter into the RSA in March.
The proposed Plan will enable the Company to emerge as a fully integrated Independent Power Producer focused on maximizing the operating and financial synergies of its retail, nuclear and fossil generating assets. The Company will continue operating its nuclear and fossil generation until their previously announced deactivation dates, with a possibility of running the units for an extended period if the Company obtains sufficient legislative support and meaningful market reforms.
Copies of the Plan, Disclosure Statement and related materials can be found at https://cases.primeclerk.com/fes/Home-Index.
SOURCE FirstEnergy Solutions