August 27, 2018 / 9:19 PM / a year ago

FirstEnergy unveils $1 bln settlement as cornerstone for bankruptcy exit


Power supplier FirstEnergy Solutions Corp has filed court papers outlining a deal for its parent company and affiliates not involved in its bankruptcy to contribute more than $1 billion of value to its estate.

The settlement between creditors of First Energy Solutions and its parent, utility FirstEnergy Corp, marks a “critical milestone” and establishes the “cornerstone” for a reorganization plan, the former said in papers filed on Sunday seeking approval of the deal in U.S. Bankruptcy Court for the Northern District of Ohio.

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