On November 26, 2018, Exelon Generation Company, LLC (Exelon) filed a complaint in U.S. bankruptcy court for the Northern District of Ohio for declaratory judgment and injunctive relief, along with a motion for preliminary injunction, against FirstEnergy Solutions (FES), to enforce a purchase agreement for the sale of FES' retail electric business to Exelon. Exelon, a Fortune 100 energy provider, alleges that FES is in material breach of the Asset Purchase Agreement (APA) “through its failure to use commercially reasonable efforts to obtain a Sale Order by November 6, 2018.” The alleged breach comes after Exelon was the only successful bidder, agreeing to buy bankrupt FES’ retail electric assets for $140 million in cash plus other consideration. Exelon has also asked the court to grant an emergency motion due to a fast approaching end-of-year deadline.
Exelon files complaint and injunction motions against FirstEnergy Solutions in bankruptcy case
