Judge approves Edison Mission plan to exit bankruptcy, sell assets to NRG

|About: NRG Energy, Inc. (NRG)|By:, SA News Editor

Edison Mission Energy wins court approval of a plan to exit Chapter 11 protection through a $2.64B asset sale to NRG Energy (NRG +1.7%) that will give NRG coal-burning power plants in the Midwest that may boost revenue if natural gas prices rebound.

Edison Mission’s non-bankrupt parent, Edison International (EIX -1%), agreed last month to a nearly $1B settlement that resolved the unit’s tax, pension and other liabilities.

NRG is paying $2.29B in cash and $350M in stock for the assets; EIX will continue to own what’s left of Edison Mission after the sale.