Edison International (NYSE:EIX) today announced that Edison Mission
Energy’s (EME) Plan of Reorganization was approved today by the U.S.
Bankruptcy Court. The approved Plan incorporates the Settlement
Agreement reached on February 18, 2014, between EME, Edison
International, and certain of EME’s creditors. This approval will allow
the Settlement, as well as the planned sale of substantially all of
EME’s assets and stock of subsidiaries to NRG Energy, Inc., to be
implemented.
Under the Plan of Reorganization and consistent with the Settlement
Agreement, EME will emerge from bankruptcy free of liabilities and
remain a subsidiary of Edison International. All assets and liabilities
of EME that are not otherwise discharged in the bankruptcy or sold to
NRG Energy, Inc. will be transferred to a newly-formed trust under the
control of EME’s creditors, other than certain income tax and pension
related liabilities being assumed by Edison International under the
Settlement Agreement. For more details on the Settlement Agreement,
please see Edison International’s February 18, 2014, Form
8-K. Closing of the Settlement transaction is expected in late March
or early April.
About Edison International
Edison International, through its subsidiaries, is a generator and
distributor of electric power and an investor in energy services and
technologies, including renewable energy. Headquartered in Rosemead,
Calif., Edison International is the parent company of Southern
California Edison, one of the nation’s largest electric utilities.
Copyright Business Wire 2014