Power wholesaler Edison Mission clears bankruptcy

Print
Email
|

Associated Press

Posted on March 11, 2014 at 11:01 AM

Updated Tuesday, Mar 11 at 11:02 AM

CHICAGO (AP) — A federal bankruptcy judge in Chicago has given power wholesaler Edison Mission Energy the go-ahead to emerge from bankruptcy by selling most of its assets to NRG Energy Inc.

U.S. Bankruptcy Judge Jacqueline Cox signed off Tuesday on Santa Ana, Calif.-based Edison Mission's Chapter 11 plan agreed upon last month by the company, corporate parent Edison International and certain creditors.

After the $2.64 billion asset sale, Edison Mission will remain an Edison International subsidiary.

Edison Mission Energy and its Chicago-based subsidiary Midwest Generation filed for Chapter 11 bankruptcy protection in December 2012 to try to restructure about $5 billion in debt.

Edison Mission blamed its financial troubles on low power prices, high fuel costs and the need to retrofit coal-fired power plants to meet environmental regulations.

Print
Email
|