FirstEnergy Solutions Exits Bankruptcy With New Name, New Owners

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 ...