TOLEDO, Ohio (AP) — A federal judge has approved a bankruptcy plan outlined by a subsidiary of FirstEnergy Corp. that operates coal and nuclear plants in Ohio, Pennsylvania and West Virginia.
Ohio-based FirstEnergy Solutions says it plans to emerge from bankruptcy protection by the end of the year.
FirstEnergy Solutions filed for bankruptcy last year and wants to separate from Akron-based FirstEnergy Corp.
A federal bankruptcy judge in Akron signed off on the company’s reorganization plan Wednesday after it finalized two union labor agreements.
Ohio lawmakers this year approved a roughly $1 billion financial rescue for the company’s two nuclear power plants in Ohio.
But FirstEnergy Solutions warned this week that it will take steps to close the plants if a proposal to overturn the rescue make it onto the 2020 statewide ballot.
(© Copyright 2019 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)