Energy / FirstEnergy

FirstEnergy Solutions would emerge from bankruptcy owned by its creditors

CLEVELAND — “FirstEnergy Solutions and its creditors hope FES can emerge from bankruptcy as an entirely new company, debt-free and maybe free of its union contracts at its nuclear power plants.

The new company would be entirely free of FirstEnergy, have its own board of directors and issue its own stock, according to initial company filings last month and during the past weekend.

The reorganization, the subject of what is sure to be a contentious hearing next week and possibly up for a vote of all FES creditors in May, is already the target of heavy criticism from labor, consumer and environmental groups.

— John Funk, Cleveland Plain Dealer

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