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FirstEnergy Solutions Possible Bankruptcy

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In Form 10-Q filed on October 26, 2017, for the quarterly period ended September 30, 2017, FirstEnergy Solutions Corp. (FES) notes, “…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 also require FES to restructure debt and other financial obligations with its creditors and/or seek protection under U.S. bankruptcy laws.” “In the event FES seeks protection under U.S. bankruptcy laws, FirstEnergy Nuclear Operating Company (FENOC) will likely seek such protection. Although management is exploring capital and other cost reductions, asset sales, and other options to improve cash flow as well as continuing with efforts to explore legislative or regulatory solutions, these obligations and their impact to liquidity raise substantial doubt about FES’ ability to meet its obligations as they come due over the next twelve months and, as such, its ability to continue as a going concern.” Read more on distressed companies.

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