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FirstEnergy enters settlementagreement with key parties in FES Bankruptcy Proceedings

Power News - Published on Tue, 04 Sep 2018

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FirstEnergy Corp announced that it has entered into a definitive settlement agreement in the Chapter 11 proceedings of FirstEnergy Solutions, its subsidiaries and FirstEnergy Nuclear Operating Company that would address all potential claims among the settling parties and other creditors of FES and FENOC. The definitive agreement defines and quantifies all of FirstEnergy's obligations with respect to the FES and FENOC bankruptcies and allows FirstEnergy to turn its full focus toward the continued successful implementation of its regulated growth strategies. The definitive settlement was signed by FirstEnergy, the Debtors, the Ad Hoc Noteholders Group, the Bruce Mansfield Certificateholders Group and the Unsecured Creditors Committee, and filed with the bankruptcy court in the FES Chapter 11 proceedings on August 26. The agreement is subject to the approval of the bankruptcy court. The terms of the agreement are materially consistent with the amended agreement in principle that was announced earlier this month.

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Posted By : Nanda Koijam on Tue, 04 Sep 2018
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