In Form 10-K filed on February 21 2017, FirstEnergy Solutions Corp.’s (FES) auditor, PricewaterhouseCoopers LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to PricewaterhouseCoopers, the Company’s current financial position and the challenging market conditions impacting liquidity raise substantial doubt about its ability to continue as a going concern. Lack of clarity regarding the timing and viability of alternative strategies, including additional asset sales or deactivations and/or converting generation from competitive operations to a regulated or regulated-like construct in a way that provides FES with the means to satisfy its obligations over the long-term, may require FES to restructure debt and other financial obligations with its creditors or seek protection under U.S. bankruptcy laws. Read more on distressed companies.
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