October 24, 2018 / 9:20 PM / 10 months ago

FirstEnergy wants more time for Ch. 11 plan as reorg talks get going

Electricity supplier FirstEnergy Solutions Corp is seeking a court order giving it an additional 120 days to file a reorganization plan to emerge from bankruptcy, saying negotiations with stakeholders are in the “early stages” following a key settlement with its parent company that promises more than $1 billion to its estate.

FirstEnergy Solutions generates electricity at nuclear power plants in Ohio and Pennsylvania as well as coal, gas and windpower plants. It filed for Chapter 11 in March amid stiff competition from rivals producing power with cheap and abundant natural gas from the boom in hydraulic fracturing.

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