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Firstenergy Solutions Sale Approval Sought

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Firstenergy Solutions filed with the U.S. Bankruptcy Court a motion to sell property free and clear of liens and authorizing the assumption of the aircraft purchase agreements; authorizing the sale of the aircraft assets of certain debtors free and clear of all liens, claims, interests and encumbrances.

The sale motion explains, “FES and FEALC each have exclusive, marketable, legal and equitable title to the Aircraft, which are comprised of two aircraft: (i) a 2011 Cessna Citation 560XL, owned by FES (the ‘FES Aircraft’) and (ii) a 2010 Dassault Aviation Falcon 900LX, owned by FEALC (the ‘FEALC Aircraft’). Each Aircraft is leased to and operated by non-Debtor FirstEnergy Service Company (‘FESC’), a subsidiary of FE Corp. The Aircraft are small passenger jets used by FE Corp. and its subsidiaries for purposes of transporting employees on company business…. Through the FES APA, FES seeks to sell the FES Aircraft for a purchase price of $5,600,000. Through the FEALC APA, FEALC seeks to sell the FEALC Aircraft for a purchase price of $19,900,000….Specifically, FE Corp. hired the Ritchie Group and FES hired the Mente Group, LLC to perform the Appraisals. Ritchie determined that the fair market values for the FES Aircraft and the FEALC Aircraft were $5,400,000 and $19,900,000, respectively.  Mente determined that the fair market values for the FES Aircraft and the FEALC Aircraft were $5,600,000 and $18,100,000, respectively. Ultimately, after good faith negotiations, FE Corp. agreed to purchase each Aircraft at the higher price of the relevant Appraisals: specifically, $5,600,000 for the FES Aircraft and $19,900,000 for the FEALC Aircraft.” The Court scheduled a May 31, 2018 hearing to consider the sale with objections due on the same date.

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The post Firstenergy Solutions Sale Approval Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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