FirstEnergy announces agreement with key creditors in FirstEnergy Solutions bankruptcy filing, reports ‘strong’ first-quarter earnings

FirstEnergy announces agreement with key creditors in FirstEnergy Solutions bankruptcy filing, reports ‘strong’ first-quarter earnings: FirstEnergy Corp. Monday announced what it’s calling a significant step toward its subsidiary, FirstEnergy Solutions, emerging from its bankruptcy filing. The Akron-based utility said it had reached an agreement in principle with two groups of key creditors in the Chapter 11 bankruptcy proceedings of FirstEnergy Solutions (FES), its related entities and FirstEnergy Nuclear Operating Co. The agreement is a proposed settlement of all potential claims among the groups. “Collectively, the creditors in this agreement represent a majority of the outstanding unsecured and secured debt obligations of FES and its related entities, including the majority of Bruce Mansfield certificate holders,” the company said in a statement. In an earnings conference call with analysts, FirstEnergy President and Chief Executive Officer Charles E. Jones said, “This agreement is a significant step toward FES ultimately emerging from bankruptcy and would settle a key issue in the FES bankruptcy, so that the creditors may focus their efforts on a restructuring plan.” FirstEnergy Solutions filed for…