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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 10:46:12 PM Ignore SammyAdams Report Abuse BO bailout?
teenitup Champion Author Houston Posts:1,585 Points:244,960 Joined:Sep 2012	Message Posted: Dec 22, 2012 8:59:12 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:6,209 Points:354,095 Joined:Dec 2010	Message Posted: Dec 22, 2012 8:34:39 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:18,570 Points:1,604,545 Joined:Nov 2008	Message Posted: Dec 22, 2012 7:32:16 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 2:49:22 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:1,531 Points:479,275 Joined:Feb 2011	Message Posted: Dec 22, 2012 1:48:08 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:616,595 Joined:Apr 2010	Message Posted: Dec 22, 2012 12:34:12 AM Ignore KAR120CSII Report Abuse There goes another of Obama's green energy companies under. When will it end?
jimmy544 Champion Author Boston Posts:4,062 Points:648,880 Joined:Feb 2011	Message Posted: Dec 22, 2012 12:18:54 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:3,446,765 Joined:Oct 2002	Message Posted: Dec 21, 2012 11:48:51 PM Ignore boldrph Report Abuse no bailout for coal!
rahcat Champion Author Grand Rapids Posts:2,448 Points:658,200 Joined:Jan 2010	Message Posted: Dec 21, 2012 11:18:44 PM 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 21, 2012 11:16:30 PM Ignore texasvet Report Abuse Well, Obama promised to bankrupt the coal industry. He's just following through.
cheaper0ON All-Star Author Ontario Posts:958 Points:393,080 Joined:Jan 2012	Message Posted: Dec 21, 2012 11:03:46 PM Ignore cheaper0ON Report Abuse Ooops!!!
gilfarm Champion Author Alabama Posts:6,771 Points:1,943,865 Joined:Sep 2005	Message Posted: Dec 21, 2012 10:56:30 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 10:56:23 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 10:55:46 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 10:55:14 PM Ignore pgerassi Report Abuse Not all that surprising.
Gas4Gore Champion Author Detroit Posts:2,394 Points:418,900 Joined:Jan 2010	Message Posted: Dec 21, 2012 10:52:05 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 10:51:22 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 10:49:08 PM Ignore TheHermit Report Abuse Come on China, chance to buy another U. S. company
MG_Sputnik Champion Author Philadelphia Posts:7,285 Points:1,955,655 Joined:Apr 2006	Message Posted: Dec 21, 2012 10:48:55 PM Ignore MG_Sputnik Report Abuse Any of our tax money involved?
Spankster85 Champion Author Chicago Posts:1,704 Points:352,090 Joined:Nov 2011	Message Posted: Dec 21, 2012 10:46:07 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 10:44:53 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 10:43:41 PM Ignore Dennisjk Report Abuse Obama wants to end most fossil fuel use anyway.
gumbyrex Champion Author Fresno Posts:3,276 Points:754,315 Joined:Mar 2011	Message Posted: Dec 21, 2012 10:36:22 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:513,875 Joined:Jul 2011	Message Posted: Dec 21, 2012 10:29:48 PM Ignore bvrbill Report Abuse At least no bailout.
drz614 Champion Author Harrisburg Posts:2,279 Points:593,620 Joined:Aug 2011	Message Posted: Dec 21, 2012 10:25:56 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:943 Points:280,220 Joined:Mar 2011	Message Posted: Dec 21, 2012 10:25:22 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 10:24:51 PM Ignore mstearno Report Abuse money hand over fist?
Dragnet Champion Author Arizona Posts:15,385 Points:2,904,760 Joined:Jul 2004	Message Posted: Dec 21, 2012 10:24:07 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:1,373,900 Joined:Feb 2008	Message Posted: Dec 21, 2012 10:22:58 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 10:22:52 PM Ignore nimpy Report Abuse I think this will work itself out
s6sputnik Champion Author Austin Posts:6,209 Points:1,303,645 Joined:Jun 2007	Message Posted: Dec 21, 2012 10:22:45 PM Ignore s6sputnik Report Abuse Wow
MINIWINI598 Champion Author Washington Posts:2,990 Points:513,725 Joined:Dec 2011	Message Posted: Dec 21, 2012 10:21:17 PM Ignore MINIWINI598 Report Abuse really...
yyc2yow All-Star Author Ottawa Posts:631 Points:566,335 Joined:Dec 2009	Message Posted: Dec 21, 2012 10:18:45 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 10:15:14 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 10:14:21 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 10:12:40 PM Ignore Trowinsamoan Report Abuse More bailouts?
TonyPSU Champion Author Cleveland Posts:2,511 Points:689,555 Joined:May 2011	Message Posted: Dec 21, 2012 10:11:05 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 10:10:22 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 10:09:11 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 10:08:55 PM Ignore TNT2EC Report Abuse Bad management and bad business plans to run the business equals a mess.
Titan_62 Champion Author Maryland Posts:1,438 Points:323,455 Joined:Apr 2011	Message Posted: Dec 21, 2012 10:06:12 PM Ignore Titan_62 Report Abuse Thx for posting
clermont40miles Champion Author Cincinnati Posts:10,541 Points:1,767,895 Joined:Apr 2008	Message Posted: Dec 21, 2012 10:05:45 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 10:03:23 PM Ignore wayoung56 Report Abuse Bad news for generation...
FlyNFool Champion Author South Carolina Posts:8,219 Points:1,680,225 Joined:Aug 2008	Message Posted: Dec 21, 2012 10:00:08 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:1,509,150 Joined:Apr 2008	Message Posted: Dec 21, 2012 9:59:27 PM Ignore toadNY Report Abuse Better off starting new.
MacDad614 Champion Author Atlanta Posts:3,019 Points:1,172,525 Joined:Aug 2008	Message Posted: Dec 21, 2012 9:57:58 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:7,183 Points:1,485,915 Joined:Feb 2008	Message Posted: Dec 21, 2012 9:55:31 PM Ignore billy44bo Report Abuse what a way to get out of paying for upgrades
KhelbenArunson Champion Author Michigan Posts:4,420 Points:712,890 Joined:Apr 2008	Message Posted: Dec 21, 2012 9:53:16 PM Ignore KhelbenArunson Report Abuse Wow
mcmonsta Champion Author Honolulu Posts:3,207 Points:813,795 Joined:Sep 2009	Message Posted: Dec 21, 2012 9:52:18 PM Ignore mcmonsta Report Abuse wonder how much their leaders and board werepaid tho bring them down....no bailouts