Cases & Deals

FirstEnergy's subsidiary will emerge from bankruptcy and separate from parent

Client(s) FirstEnergy Corp.

Jones Day represented FirstEnergy Corp. and its non-debtor affiliates (FirstEnergy) in connection with the chapter 11 cases commenced on March 31, 2018, by its subsidiary First Energy Solutions, Inc. and certain of its other unregulated subsidiaries in the Northern District of Ohio, which are some of the largest chapter 11 cases to be filed in Ohio in recent memory.

FirstEnergy Solutions and the other debtor entities own and operate numerous power plants in Pennsylvania and Ohio, including three nuclear power plants. Jones Day is advising FirstEnergy in its capacity as the debtors' largest lender (holding approximately $700 million in funded debt), as well as in connection with all other aspects of the debtors' bankruptcy cases and the parties' parent-subsidiary relationships. Among other things, Jones Day continues to counsel FirstEnergy in connection with a conditional settlement agreement with the debtors, certain ad hoc bondholder groups, and the official committee of unsecured creditors.