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
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