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Electric Services Company in Ohio

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Listing Information

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Electric Services Company in Ohio



Price: $140,000,000.00


Other Item Info
Item #: ohnbke_1034190
Created: 07/11/2018
Category: Business Property > All Assets or Going Concerns > Alternative Energy
Sale Location: New York, New York
Sale Date: Thu. Sep 6, 2018
Seller Info
Bridget Aileen Franklin
Debtor's Attorney
388 S. Main St. #500
Akron, OH 44311
(330)535-5711
Bankruptcy Info
Case #: 5:18-bk-50757
Case Title: FirstEnergy Solutions Corp.
Court: Ohio Northern Bankruptcy Court
Chapter: 11
View Case Docket

See More Documents

Description

Sale of Retail Power Sales Assets of FirstEnergy Solutions Corp.

FirstEnergy Solutions Corp. sells power and provides energy-related products and services to retail and wholesale customers. Through its retail power sales business, FES serves over 1.3 million commercial and industrial (“C&I”) and residential customer accounts in six states. The retail business primarily consists of the following “channels”: (i) large C&I customers; (ii) medium C&I customers; (iii) government aggregation contracts under which a buying group represents all members of a group consisting of residential and small C&I customers; (iv) municipal and co-op contracts; (v) mass market contracts; (vi) “provider of last resort” contracts; and (vii) standard transactions with counterparties. FES serves residential and C&I customers in Michigan, Ohio, Pennsylvania, Illinois, Maryland and New Jersey.

The Sale Assets include:

  • all Contracts with Customers of the Business
  • all other Contracts related to the Business
  • the monitoring and other equipment located at Customer sites
  • any cash deposits, guarantees, letters of credit, reimbursement agreements, bonds, prepayment amounts and other credit or contractual assurances provided by Counterparties to Seller related to the Assumed Contracts;
  • the Records;
  • rights to all Claims of Seller under the Assumed Contracts to the extent relating to periods after the Closing or, in the case of any applicable Retail Contract, the applicable Assignment Date;

The Sale Assets are more described from "Page 124-126" on the attached PDF.


Sale Location

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One Bryant Park
New York, NY, 10036

Additional Details

  1. Auction Time: 9:00 a.m.
  2. Sale Hearing held on September 21, 2018
  3. Bid Deadline: August 23, 2018 at 5:00 p.m.
  4. The Bid Procedures also contemplate an Initial Topping Bid of $146,600,000 and that subsequent overbids shall be in the minimum amount of $1,000,000.
  5. Bid Deposit: 10% of the Purchase Price
  6. Sale Objection Deadline: September 14, 2018 at 4:00 p.m. (Eastern Time)


Other Information

Terms and Conditions:

See attached.


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