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Judge Approves Bankruptcy Plan For FirstEnergy Corp.
By: Associated Press
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TOLEDO, Ohio (AP) – A federal judge has approved a bankruptcy plan outlined by a subsidiary of FirstEnergy Corp. that operates coal and nuclear plants in Ohio, Pennsylvania and West Virginia.
Ohio-based First Energy Solutions says it plans to emerge from bankruptcy protection by the end of the year.
FirstEnergy Solutions filed for bankruptcy last year and wants to separate from Akron-based FirstEnergy Corp.
A federal bankruptcy judge in Akron signed off on the company’s reorganization plan Wednesday after it finalized two union labor agreements.
Ohio lawmakers this year approved a roughly $1 billion financial rescue for the company’s two nuclear power plants in Ohio.
But FirstEnergy Solutions warned this week that it will take steps to close the plants if a proposal to overturn the rescue make it onto the 2020 statewide ballot.