January 29, 2019 / 1:11 AM / 10 months ago

Bankrupt FirstEnergy unit cleared for $144 mln sale of power station

A bankrupt subsidiary of utility FirstEnergy Corp won court approval on Friday to sell a power generating station near Lake Erie to Vermillion Power LLC, which had offered $144 million in cash.

Vermillion’s offer was a stalking-horse bid, putting a floor on other bids for FirstEnergy Generation’s “West Loraine assets” in Loraine, Ohio.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2Bb6hSO

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