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FirstEnergy -4% after judge rejects reorganization plan

Apr. 04, 2019 5:05 PM ETFirstEnergy Corp. (FE) StockFEBy: Carl Surran, SA News Editor10 Comments
  • FirstEnergy (NYSE:FE) shares plunged just before the close after a bankruptcy judge rejected a $4B restructuring plan that would have lifted its FirstEnergy Solutions subsidiary out of Chapter 11.
  • The judge called the exit plan "patently unconfirmable," siding with federal and state regulators who accused FE of abusing bankruptcy law to try to extricate itself from its money-losing power facilities.
  • FirstEnergy Solutions filed for bankruptcy last year as its FirstEnergy parent agreed to contribute $1B to pay back creditors and forgive $2.1B in claims against the unit, while FE would receive immunity from future legal claims over FES, including the costs of cleaning up and decommissioning several coal and nuclear plants.

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