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The court confirmed FirstEnergy Solutions' Eighth Amended Joint Plan on Oct. 16, 2019, moving the seven-debtor energy complex from a March 31, 2018 Chapter 11 filing toward emergence. The debtors included FirstEnergy Solutions Corp., FirstEnergy Generation, FirstEnergy Nuclear Generation, FirstEnergy Nuclear Operating Company, FirstEnergy Generation Mansfield Unit 1, FE Aircraft Leasing and Norton Energy Storage; the lead case was No. 18-50757 source filing. Donald Schneider's first-day declaration described 3,076 employees, fossil and nuclear generation assets in Ohio and Pennsylvania, about $5.5 billion of FES assets and $3.1 billion of consolidated 2017 revenue, and a filing driven by low power prices, environmental capital costs, debt maturities and uneconomic power-purchase agreements source filing.
The confirmation order resolved a heavily negotiated creditor and regulatory process: the court overruled or incorporated resolutions of objections from FERC, the U.S. Trustee, Ohio Consumers' Counsel, unions and other parties, and approved releases, exculpation, environmental provisions and settlements including the FE settlement framework source filing. Plan economics routed unsecured bondholder recoveries through New Holdco equity, a cash election pool and settlement-funded consideration, including $225 million of FE settlement cash, New FE notes, Pleasants Power Plant value and related waivers; effective-date conditions included final confirmation, FE settlement consummation, claim reserves, a professional-fee escrow and FERC/NRC approvals source filing.
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