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Thu Apr 11, 2019, 04:23 AM

Federal judge rejects FirstEnergy Solutions' bankruptcy plan: What you need to know

COLUMBUS, Ohio—A federal bankruptcy judge rejected a reorganization plan by a FirstEnergy Corp. subsidiary, siding with critics who said it would allow FirstEnergy to escape cleanup and decommissioning costs for several nuclear and coal power plants. Here are three takeaways:

- The subsidiary, FirstEnergy Solutions, struck a $3.1 billion bankruptcy deal to pay back creditors and forgive claims – but only if FirstEnergy wasn’t responsible for cleanup costs.

- Regulators argued FirstEnergy was trying to abuse the bankruptcy system to avoid such costs for the plants, which are slated to be shut down soon.

- FirstEnergy Solutions is working on a revised plan.

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