November 28, 2018 / 10:31 PM / 4 months ago

FirstEnergy Solutions sued for delaying sale hearing for $140 mln deal

Exelon Corp has sued to compel FirstEnergy Solutions Corp to seek bankruptcy court approval as soon as possible to complete the $140 million sale of its retail power business, a deal the two power producers entered into over the summer.

FirstEnergy Solutions has materially breached the sale agreement by “refusing to even conduct a sale hearing,” Exelon unit Exelon Generation Co LLC said on Monday in an adversary proceeding complaint in U.S. Bankruptcy Court in Akron, Ohio, where FirstEnergy Solutions filed for Chapter 11 protection in March.

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