FirstEnergy granted approval of $144 million West Lorain asset sale

By Caroline Salls

Pittsburgh, Jan. 25 – FirstEnergy Generation, LLC obtained court approval to sell its West Lorain facility and related assets to Starwood Energy Group Global, LLC affiliate Vermillion Power, LLC, according to an order filed Friday with the U.S. Bankruptcy Court for the Northern District of Ohio.

As previously reported, the company said it did not receive any qualified bids for the West Lorain assets other than the stalking horse bid submitted by Vermillion Power.

Under the stalking horse agreement, Vermillion Power has agreed to pay $144 million in cash for the Lorain assets. FirstEnergy said in the bid procedures motion that the total consideration expected to be realized from the sale is roughly $152 million.

FirstEnergy Solutions is an Akron, Ohio, provider of energy and services to retail and wholesale customers. The company filed for bankruptcy on March 31, 2018 under Chapter 11 case number 18-50757.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.