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FirstEnergy Solutions Audit Concern

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In Form 10-K filed on February 20, 2018, for the year ended December 31, 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. FES has $515 million of maturing debt in 2018 (excluding intra-company debt), beginning with a $ 100 million principal payment due April 2, 2018. Based on FES’ current senior unsecured debt rating, capital structure and long-term cash flow projections, the debt maturities are unlikely to be refinanced. Read more on distressed companies.

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