NEW YORK (Reuters) – FirstEnergy Corp said late on Saturday its nuclear and coal power plant units filed for bankruptcy court protection as the company looks to restructure, sell assets and win government support to cope with competitors using lower-cost natural gas.
The Chapter 11 filing was made by FirstEnergy Solutions and FirstEnergy Nuclear Operating Co. The companies said they have over $550 million in cash and sufficient liquidity to continue normal operations while restructuring.
The companys chief executive signaled earlier this year that FirstEnergy Solutions was headed for bankruptcy protection..
The legal move came after FirstEnergy urged the federal government on Thursday to evoke little-used emergency powers to help it keep…
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