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FirstEnergy Solutions Exits Bankruptcy With New Name, New Owners

Feb. 27, 2020, 6:30 PM

Utility will focus on selling electricity from its nuclear power plants under the name Energy Harbor Corp., company says in a statement.

  • FirstEnergy Solutions filed bankruptcy in 2018 as part of a plan by its parent to exit the unregulated power business
  • Under a plan of reorganization approved by a federal judge last year, creditors of FirstEnergy Solutions traded debt for ownership stakes
  • As part of the reorganization, former parent FirstEnergy Corp. gave up ownership of the company and agreed to provide cash, a power plant and a $628 million note; in exchange FES and FirstEnergy Corp. dropped ...