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Midwest Gen Parent Files for Bankruptcy

The filing states that the California-based company has $5.1 billion in assets and $5 billion in liabilities, according to a Reuters story.

The parent company of the Midwest Generation coal-fired power plants in Joliet and Romeoville has filed for Chapter 11 bankruptcy protection, according to a Reuters news service story.

Edison Mission Energy is trying to restructure a $5 billion debt load for the coal, natural gas and renewable power plants it owns in several states, including Illinois, the story said.

The bankruptcy filing states that the company has $5.1 billion in assets and $5 billion in liabilities, the story said.

Midwest Generation reported a $160 million operating loss in the first nine months of 2012, Crain's Chicago Business reported in November. In the same period last year, the company was reporting $91 million in operating income, the story said.

The company has been hard hit by a softening market, caused by a decline in natural gas prices due to new production methods that have increased supply, the story said.

In addition to the Joliet and Romeoville plants, the company also owns plants in Waukegan and Pekin in central Illinois. Two Chicago plants were closed earlier this year.

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Tony December 18, 2012 at 04:14 PM
I would be curious to see what the top CEO;s for Midwest are knocking down.This smells to much like the scams GM, HOSTESS AND American Airlines to name a few who filed for protection then gave millions to CEO's after forcing employe;es to give up pay and benefits.This seems to be a trend with conpanies who care more for the CEO's than the workers.
Salvador Guerrero Jr December 18, 2012 at 06:37 PM
I agree with you there Tony. Something sure does smell an it ain't the electricity.

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