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FirstEnergy Solutions Creditors Examining If Retaining Retail Biz Advantageous, Exelon Files Suit

November 30,2018

John Funk in The (Cleveland) Plain Dealer reports that Exelon has filed a complaint in federal court concerning its agreement to purchase the retail electricity business of FirstEnergy Solutions

See background on the sale of the FES retail business to Exelon here

According to the Plain Dealer, FES has sought several times to postpone a hearing giving final approval to the sale of the retail business to Exelon. The sale agreement allows either party to terminate if the transaction is not consummated by December 31. Exelon's complaint sought to enjoin FES from seeking to terminate the agreement under such provision

According to the Plain Dealer, Exelon in its complaint alleged that FES has said that "certain ... creditor groups" had sought the postponements, and that such creditors, "were attempting to develop an alternative reorganization plan” under which FES would retain its retail customers

See The Plain Dealer for the story

M&A   FirstEnergy Solutions   Exelon   Constellation  

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