Ohio Corruption Case Muddles Power Co.'s Bankruptcy Exit
Law360 (July 23, 2020, 10:53 PM EDT) -- An alleged $60 million bribery scheme connected to Ohio's decision to bail out coal and nuclear power plants raises a thicket of potential trouble for the successor to FirstEnergy Solutions, which owns the bailed out plants and recently emerged from bankruptcy.
Experts say Energy Harbor, which formally emerged from bankruptcy in February after a judge confirmed predecessor FirstEnergy Solutions' reorganization plan in the fall, could face litigation targeting the reorganized company's top brass and even another Chapter 11 filing if the bailout bill is repealed.
Energy Harbor owns the nuclear and coal plants poised to cash in on subsidies and other...
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