FirstEnergy's Merchant Unit Files For Bankruptcy
We are reaffirming our $40 per share fair value estimate and narrow moat rating after FirstEnergy’s merchant subsidiary, FirstEnergy Solutions (FES) filed for Chapter 11 bankruptcy. The bankruptcy and its timing before an April 2 bond payment was not a surprise, but we had assumed that a prepackaged bankruptcy was likely. A March 31 news release, indicated negotiations with a steering committee of FES noteholders are ongoing. Thus, a settlement, that we believe would lead to an outcome not-too-d...FirstEnergy is a public utility holding company. The company and its subsidiaries are principally involved in the transmission, distribution and generation of electricity. The company's reportable operating segments are comprised of: Regulated Distribution, which distributes electricity through the company's utility operating companies and also controls regulated electric generation capacity located primarily in West Virginia, Virginia and New Jersey; and Regulated Transmission, which provides transmission infrastructure owned and operated by the transmission companies and certain of the company's utilities to transmit electricity from generation sources to distribution facilities.
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