FirstEnergy Resolves Union Fight That Slowed Bankruptcy Exit (1)

Deal with Utility Workers Union of America clears the way for FirstEnergy Solutions Corp. to try to exit bankruptcy by Jan. 1, company says in court.

• “Congratulations, your plan is approved,” U.S. Bankruptcy Judge Alan Koschik said on Tuesday in federal court in Akron, Ohio referring to FirstEnergy’s reorganization proposal
• Under the union compromise, workers will receive the same retirement benefits under a new plan that they would have gotten if the company had never sought court protection, union lawyer Joyce Goldstein said in court
• Before the power-generating company can exit bankruptcy, it must win approval of the reorganization from ...