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Midwest Generation files for bankruptcy along with its parent

chicagotribune.com -- Edison Mission Energy, the unregulated generating unit of Edison International, filed for bankruptcy protection Monday along with subsidiary Midwest Generation. The filings had been expected.

Edison Mission said it agreed on a reorganization plan with its parent and holders of its $3.7 billion in debt. Under the agreement, Edison International will transfer its stake in Edison Mission Energy to unsecured creditors.

Midwest Generation owns and operates the coal-fired Powerton (Pekin), Joliet, Waukegan and Will County (Romeoville) generating units.

It would be up to the company's new owners to decide whether to move forward with expensive upgrades to meet environmental regulations, try to sell the plants or shut them down.

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Submitted Dec 21, 2012 By: NOTSOGRN

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SammyAdams Champion Author Tallahassee Posts:3,032 Points:788,580 Joined:Nov 2010	Message Posted: Dec 22, 2012 11:46:12 PM Ignore SammyAdams Report Abuse BO bailout?
teenitup Champion Author Houston Posts:1,591 Points:245,935 Joined:Sep 2012	Message Posted: Dec 22, 2012 9:59:12 AM Ignore teenitup Report Abuse <<"One reason for this bankruptcy is that coal has become expensive relative to natural gas. Natural gas is so much cheaper than coal it is likely that this is the reason for the coal not faring so well against natural gas .">> That's true but for how long?
Titanic1985 Champion Author South Carolina Posts:6,217 Points:355,070 Joined:Dec 2010	Message Posted: Dec 22, 2012 9:34:39 AM Ignore Titanic1985 Report Abuse Many coal generated power plants across the nation are under increasing regulations and every increasing prices. We must find a balance. As with anything else, not everyone will be happy, but that is life!
honda0105 Champion Author Tallahassee Posts:18,580 Points:1,605,520 Joined:Nov 2008	Message Posted: Dec 22, 2012 8:32:16 AM Ignore honda0105 Report Abuse that's a lot of debt. Does anyone else think Enron here?
NHLiveFree Champion Author New Hampshire Posts:11,066 Points:1,618,325 Joined:Jun 2008	Message Posted: Dec 22, 2012 3:49:22 AM Ignore NHLiveFree Report Abuse Please give KAR..... stupidest comment of the day award. Their power plants are the so far from green energy that they are in some other universe! It is no loss at all to see these ancient pollution/acid rain/mercury spewers go the way of the dinosaurs. The firm was simply too greedy to ever bother investing in cleaning up the emissions of these coal fired dragons. Dorothy Bush Koch may mourn their loss, along with the Koch Bros., but no one else will miss them.
WE0H Champion Author Twin Cities Posts:1,533 Points:479,315 Joined:Feb 2011	Message Posted: Dec 22, 2012 2:48:08 AM Ignore WE0H Report Abuse Everyone should have lower cost electricity. It only makes sense to convert the old school coal plants into something less polluting.
KAR120CSII Champion Author Oregon Posts:3,157 Points:616,720 Joined:Apr 2010	Message Posted: Dec 22, 2012 1:34:12 AM Ignore KAR120CSII Report Abuse There goes another of Obama's green energy companies under. When will it end?
jimmy544 Champion Author Boston Posts:4,074 Points:649,855 Joined:Feb 2011	Message Posted: Dec 22, 2012 1:18:54 AM Ignore jimmy544 Report Abuse One reason for this bankruptcy is that coal has become expensive relative to natural gas. Natural gas is so much cheaper than coal it is likely that this is the reason for the coal not faring so well against natural gas .
boldrph Champion Author Topeka Posts:18,354 Points:3,447,640 Joined:Oct 2002	Message Posted: Dec 22, 2012 12:48:51 AM Ignore boldrph Report Abuse no bailout for coal!
rahcat Champion Author Grand Rapids Posts:2,448 Points:658,950 Joined:Jan 2010	Message Posted: Dec 22, 2012 12:18:44 AM Ignore rahcat Report Abuse It's going to be pretty hard to wipe the smile off Obama's face.
texasvet Champion Author Texas Posts:3,822 Points:359,750 Joined:Jul 2009	Message Posted: Dec 22, 2012 12:16:30 AM Ignore texasvet Report Abuse Well, Obama promised to bankrupt the coal industry. He's just following through.
cheaper0ON All-Star Author Ontario Posts:963 Points:394,055 Joined:Jan 2012	Message Posted: Dec 22, 2012 12:03:46 AM Ignore cheaper0ON Report Abuse Ooops!!!
gilfarm Champion Author Alabama Posts:6,776 Points:1,944,840 Joined:Sep 2005	Message Posted: Dec 21, 2012 11:56:30 PM Ignore gilfarm Report Abuse Does not sound goog!
TFowler513 Champion Author Memphis Posts:3,824 Points:1,409,635 Joined:Mar 2008	Message Posted: Dec 21, 2012 11:56:23 PM Ignore TFowler513 Report Abuse More jobs out the window!!!
WIPACKERFAN Champion Author Chicago Posts:8,779 Points:1,838,475 Joined:Aug 2005	Message Posted: Dec 21, 2012 11:55:46 PM Ignore WIPACKERFAN Report Abuse Not good.
pgerassi Champion Author Milwaukee Posts:10,876 Points:2,127,605 Joined:Apr 2007	Message Posted: Dec 21, 2012 11:55:14 PM Ignore pgerassi Report Abuse Not all that surprising.
Gas4Gore Champion Author Detroit Posts:2,401 Points:419,875 Joined:Jan 2010	Message Posted: Dec 21, 2012 11:52:05 PM Ignore Gas4Gore Report Abuse Oh my
preacherjohn Champion Author Modesto Posts:3,970 Points:1,914,885 Joined:May 2006	Message Posted: Dec 21, 2012 11:51:22 PM Ignore preacherjohn Report Abuse too baadd..
TheHermit Champion Author Maine Posts:3,404 Points:127,030 Joined:May 2012	Message Posted: Dec 21, 2012 11:49:08 PM Ignore TheHermit Report Abuse Come on China, chance to buy another U. S. company
MG_Sputnik Champion Author Philadelphia Posts:7,285 Points:1,956,405 Joined:Apr 2006	Message Posted: Dec 21, 2012 11:48:55 PM Ignore MG_Sputnik Report Abuse Any of our tax money involved?
Spankster85 Champion Author Chicago Posts:1,704 Points:352,840 Joined:Nov 2011	Message Posted: Dec 21, 2012 11:46:07 PM Ignore Spankster85 Report Abuse Sucks for them.
CCLighthouse All-Star Author Hartford Posts:983 Points:209,030 Joined:Aug 2012	Message Posted: Dec 21, 2012 11:44:53 PM Ignore CCLighthouse Report Abuse I'll have to cogitate on that one.
Dennisjk Champion Author Detroit Posts:6,466 Points:1,920,675 Joined:Apr 2006	Message Posted: Dec 21, 2012 11:43:41 PM Ignore Dennisjk Report Abuse Obama wants to end most fossil fuel use anyway.
gumbyrex Champion Author Fresno Posts:3,276 Points:755,065 Joined:Mar 2011	Message Posted: Dec 21, 2012 11:36:22 PM Ignore gumbyrex Report Abuse The plants need to be shut down and newer plants with present technology will cost less in the long run.
bvrbill Champion Author Eugene Posts:3,188 Points:514,625 Joined:Jul 2011	Message Posted: Dec 21, 2012 11:29:48 PM Ignore bvrbill Report Abuse At least no bailout.
drz614 Champion Author Harrisburg Posts:2,279 Points:594,370 Joined:Aug 2011	Message Posted: Dec 21, 2012 11:25:56 PM Ignore drz614 Report Abuse tip of the iceberg folks. enjoy christmas and new year's eve. 2013 is going to b ugly for fossil fuel usage.
Chas58 All-Star Author Detroit Posts:947 Points:281,175 Joined:Mar 2011	Message Posted: Dec 21, 2012 11:25:22 PM Ignore Chas58 Report Abuse Cool.....
mstearno Champion Author Dayton Posts:8,043 Points:1,727,235 Joined:Jan 2008	Message Posted: Dec 21, 2012 11:24:51 PM Ignore mstearno Report Abuse money hand over fist?
Dragnet Champion Author Arizona Posts:15,390 Points:2,905,735 Joined:Jul 2004	Message Posted: Dec 21, 2012 11:24:07 PM Ignore Dragnet Report Abuse Edison has been in financial difficulty for years so this doesn't surprise me.
hamdriver Champion Author Lansing Posts:3,479 Points:1,374,775 Joined:Feb 2008	Message Posted: Dec 21, 2012 11:22:58 PM Ignore hamdriver Report Abuse Is that what they think?
nimpy Champion Author Indianapolis Posts:8,115 Points:1,697,105 Joined:Oct 2007	Message Posted: Dec 21, 2012 11:22:52 PM Ignore nimpy Report Abuse I think this will work itself out
s6sputnik Champion Author Austin Posts:6,209 Points:1,304,395 Joined:Jun 2007	Message Posted: Dec 21, 2012 11:22:45 PM Ignore s6sputnik Report Abuse Wow
MINIWINI598 Champion Author Washington Posts:2,995 Points:514,700 Joined:Dec 2011	Message Posted: Dec 21, 2012 11:21:17 PM Ignore MINIWINI598 Report Abuse really...
yyc2yow All-Star Author Ottawa Posts:631 Points:566,335 Joined:Dec 2009	Message Posted: Dec 21, 2012 11:18:45 PM Ignore yyc2yow Report Abuse Thats a lot of money
REKEY Champion Author South Carolina Posts:8,554 Points:1,694,440 Joined:May 2008	Message Posted: Dec 21, 2012 11:15:14 PM Ignore REKEY Report Abuse 3.7 BILLION?
BREW9 All-Star Author Tampa Posts:861 Points:2,907,980 Joined:Jun 2004	Message Posted: Dec 21, 2012 11:14:21 PM Ignore BREW9 Report Abuse ok
Trowinsamoan Champion Author Los Angeles Posts:1,131 Points:181,865 Joined:Nov 2012	Message Posted: Dec 21, 2012 11:12:40 PM Ignore Trowinsamoan Report Abuse More bailouts?
TonyPSU Champion Author Cleveland Posts:2,516 Points:690,530 Joined:May 2011	Message Posted: Dec 21, 2012 11:11:05 PM Ignore TonyPSU Report Abuse ok
firefly09 Champion Author San Diego Posts:2,478 Points:712,720 Joined:Mar 2009	Message Posted: Dec 21, 2012 11:10:22 PM Ignore firefly09 Report Abuse Hope it works out.
Brucevanf Champion Author New Brunswick Posts:1,336 Points:240,285 Joined:Aug 2012	Message Posted: Dec 21, 2012 11:09:11 PM Ignore Brucevanf Report Abuse This is disturbing news.
TNT2EC Champion Author Wisconsin Posts:4,974 Points:1,509,585 Joined:Oct 2008	Message Posted: Dec 21, 2012 11:08:55 PM Ignore TNT2EC Report Abuse Bad management and bad business plans to run the business equals a mess.
Titan_62 Champion Author Maryland Posts:1,443 Points:324,430 Joined:Apr 2011	Message Posted: Dec 21, 2012 11:06:12 PM Ignore Titan_62 Report Abuse Thx for posting
clermont40miles Champion Author Cincinnati Posts:10,543 Points:1,767,935 Joined:Apr 2008	Message Posted: Dec 21, 2012 11:05:45 PM Ignore clermont40miles Report Abuse EPA killing jobs and companies with excessive regulation costs.
wayoung56 Champion Author Alabama Posts:2,780 Points:814,335 Joined:Oct 2006	Message Posted: Dec 21, 2012 11:03:23 PM Ignore wayoung56 Report Abuse Bad news for generation...
FlyNFool Champion Author South Carolina Posts:8,219 Points:1,680,825 Joined:Aug 2008	Message Posted: Dec 21, 2012 11:00:08 PM Ignore FlyNFool Report Abuse Sounds like what the airlines do, sell and old plane before you come up to an expensive C or D check.
toadNY Champion Author Albany Posts:7,022 Points:1,509,250 Joined:Apr 2008	Message Posted: Dec 21, 2012 10:59:27 PM Ignore toadNY Report Abuse Better off starting new.
MacDad614 Champion Author Atlanta Posts:3,022 Points:1,173,460 Joined:Aug 2008	Message Posted: Dec 21, 2012 10:57:58 PM Ignore MacDad614 Report Abuse Which is more economical, bringing the existing plant up to regulations or converting it to natural gas? They were not competitive as they were.
billy44bo Champion Author Mobile Posts:7,188 Points:1,486,890 Joined:Feb 2008	Message Posted: Dec 21, 2012 10:55:31 PM Ignore billy44bo Report Abuse what a way to get out of paying for upgrades
KhelbenArunson Champion Author Michigan Posts:4,425 Points:713,115 Joined:Apr 2008	Message Posted: Dec 21, 2012 10:53:16 PM Ignore KhelbenArunson Report Abuse Wow
mcmonsta Champion Author Honolulu Posts:3,212 Points:814,020 Joined:Sep 2009	Message Posted: Dec 21, 2012 10:52:18 PM Ignore mcmonsta Report Abuse wonder how much their leaders and board werepaid tho bring them down....no bailouts