AKRON — FirstEnergy Solutions and its entities along with First Energy Nuclear Operating company announced Saturday that they were filing chapter 11 bankruptcy.
According to a release, the bankruptcy will help to facilitate financial restructuring.
Representatives with the companies say the groups collectively have over $550 million in cash that they believe will allow them to sustain normal operations.
The group's parent company, First Energy Corp. (NYSE: FE), and its other subsidiaries are not part of the filing and will not be subject to the Chapter 11 process.
Donald R. Schneider, President of FES, said in a release, "Given the prospective timing of federal and state review and our ongoing cash needs and debt service obligations, the FES and FENOC Boards of Directors determined that the Chapter 11 filing represents our best path forward as we continue to pursue opportunities for restructuring, asset sales and legislative and regulatory relief. We believe that this decision will best serve our customers, employees and business partners."
To read the full release, click here.