By Greg Hazley
Edison Mission Energy, the Santa Ana, CAlif.-based power plant operator, is working with outside PR counsel as it filed Monday for bankruptcy protection apart from its parent, Edison International.
EME, which has $3.7B in outstanding debt, hired Joele Frank, Wilkinson Brimmer Katcher for the assignment, a Chapter 11 filing in federal bankruptcy court for the Northern District of Illinois that includes a reorganization plan with intent to separate from EI.
EME said depressed energy and capacity prices and high fuel costs affecting its coal-fired facilities, combined with pending debt maturities and the need to retrofit its coal-fired plants to comply with environmental regulations all led to the decision.
At Joele Frank, partners Meaghan Repko and Andrew Siegel, and managing director Jed Repko are advising EME.
Douglas McFarlan is senior vice president of public affairs and communications for EME.
Pedro Pizarro, president of EME, in a statement called the plan “an important first step in the process to reduce our debt, enhance our liquidity profile and position EME for continued operation and future success while preserving our ability to generate power safely and reliably at our electric facilities across the country.” |