Akron-based FirstEnergy Solutions has successfully completed its Chapter 11 restructuring process and has emerged as Energy Harbor Corp. The company serves nearly one million residential, commercial and industrial customers and has 2,600 employees.
"With our industry-leading nuclear fleet focused on safe and resilient production of substantial carbon-free electricity, Energy Harbor is in an excellent industry position for a future focused on environmental, social and sustainability goals,” Energy Harbor Executive Chairman John Kiani said in a statement. “Combined with our rapidly growing retail business and dependable clean air credit support, the majority of Energy Harbor's cash flow will be comprised of high-quality, visible and predictable zero-carbon businesses.”
The company was advised in bankruptcy by Akin Gump as legal counsel and Alvarez & Marsal as financial adviser.