The bankrupt, money-losing unit that FirstEnergy Corp. thought it had washed its hands of last year has come back to haunt the U.S. power giant.
Late Thursday, a restructuring plan that the FirstEnergy Solutions Corp. unit had carefully crafted with bondholders -- one that would’ve severed ties with the parent company and handed the reins of the business over to creditors -- was struck down in court. In his ruling, U.S. Bankruptcy Judge Alan M. Koschik said the plan would have unfairly shielded FirstEnergy Corp. from future lawsuits.
