Parent Company Of Fisk, Crawford Electric Plants Files For Bankruptcy
By Chuck Sudo in News on Dec 17, 2012 2:30PM
The Fisk and Crawford coal-powered electric generating plants have been dark for months thanks to the deal negotiated with the city earlier this year but the company that owns the two plants continues to feel the effects.
Edison Mission Energy, the unregulated power business for Edison International, filed for Chapter 11 bankruptcy protection under a plan Edison International hopes will restructure the company’s debt and spin off Edison Mission Energy as a separate company. Edison Mission Energy affiliate Midwest Generation manages Edison’s four remaining coal-fired electric plants in Illinois in Joliet, Waukegan, Romeoville and Pekin, but has accumulated debt over the years as wholesale prices for electricity have bottomed out, making it harder for coal-fired plants to compete in the market.
Under the restructuring plan, Edison International will transfer 100 percent equity interest—around $3.7 billion of the company’s outstanding debt—to unsecured creditors. The bankruptcy filing was expected. Edison Mission Energy has a $97 million interest payment on unsecured bonds due Monday and the company said it would file for bankruptcy if it couldn’t make the payment.