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FirstEnergy Solutions files for bankruptcy after pushing for DOE emergency order
Utility Dive: The bankruptcy has been widely anticipated, as FirstEnergy has struggled to make money from coal and nuclear plants. The company has long signaled its intention to become a fully regulated utility company, which Jones said "should give FirstEnergy a stronger balance sheet, solid cash flows and more predictable earnings."
Unsecured creditors are owed billions by FES and six affiliated debtors who filed this weekend, with the Bank of New York Mellon Trust Co NA likely the largest unsecured creditor. The list of 50-largest unsecured debts includes more than $2 billion owed to NY Mellon Trust, along with two unsecured claims in litigation with BNSF Railway and Norfolk Southern Corp., transportation companies which move coal supplies.
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