FES Comments on Exelon Court Action; Remains Committed to Maximizing Value of Retail Business for All Stakeholders

PRNewswire 27-Nov-2018 10:51 AM

AKRON, Ohio, Nov. 27, 2018 /PRNewswire/ -- FirstEnergy Solutions Corp. (FES) today commented on an action commenced by Exelon Generation Company, LLC, a subsidiary of Exelon Corporation (NYSE:EXC) in FES' pending Chapter 11 proceedings in connection with the proposed sale of the FES retail and wholesale load-serving business to Exelon's Constellation subsidiary.

FES creditors are conducting a thorough and comprehensive analysis of the proposed transaction and its ultimate value to the FES estate, creditors and other stakeholders and whether the retention of the FES retail business compared with the proposed sale maximizes the value of such assets for all stakeholders.

FES recognizes the importance of this analysis and takes seriously the Company's fiduciary responsibility to all creditor constituencies to ensure the proposed transaction is in the best interest of the Company and its estate. FES also recognizes the critical importance of its customers and will continue to make sure that all of its customers will continue to be served in accordance with existing contractual terms whether or not the transaction with Exelon is consummated.

FES is currently reviewing the action filed by Exelon yesterday and has no further comment at this time. All FES stakeholders can be assured that the Company remains committed to pursuing a path that is focused on maximizing the value of the Company's assets and continuing to service its customers.

View original content:http://www.prnewswire.com/news-releases/fes-comments-on-exelon-court-action-remains-committed-to-maximizing-value-of-retail-business-for-all-stakeholders-300756035.html

SOURCE FirstEnergy Solutions Corp.