Cumberland Times-News

Latest news

December 20, 2012

Edison Mission Energy’s bankruptcy filing won’t affect Pinnacle Wind Farm

Operations at all company’s energy generation sites ongoing

KEYSER, W.Va. — Edison Mission Energy’s recent bankruptcy filing will not affect operations at Pinnacle Wind Farm at NewPage on Green Mountain, according to Douglas McFarland, EME spokesman.

“EME’s wind energy projects are not part of the chapter 11 filing,” said McFarland. “They remain a part of EME but do not rely on funding from EME and operations are not affected — in fact, operations at all of our energy generation sites are ongoing as normal and as provided for under the typical chapter 11 process.”

Edison Mission Energy, the unregulated power generation business of Edison International, filed for Chapter 11 bankruptcy protection Monday with a proposal to transfer control of the company to holders of $3.7 billion in unsecured bonds, according to Reuters news service. The EME subsidiaries that filed for Chapter 11 protection include Midwest Generation, which manages the company’s fleet of coal-fired plants in Illinois, according to an EME news release.

As part of the restructuring process, Edison International and EME will negotiate agreements to ensure EME’s smooth and effective transition to operating as an independent entity following its separation from Edison International, which is anticipated to occur by December 2014. The company’s agreement with the noteholders and Edison International is subject to bankruptcy court approval, according to the news release.

“We are pleased to have reached this agreement, which we believe reflects the long-term value potential of our organization,” said Pedro Pizarro, president of EME, in the news release. “This is an important first step in the process to reduce our debt, enhance our liquidity profile and position EME for continued operation and future success while preserving our ability to generate power safely and reliably at our electric facilities across the country. Throughout this process, business operations will continue in the normal course, and we will continue to support our customers, suppliers and employees.”

EME has been challenged by depressed energy and capacity prices and high fuel costs affecting its coal-fired facilities, combined with pending debt maturities and the need to retrofit its coal-fired facilities to comply with environmental regulations, according to the news release.

“EME is operationally healthy, and with the support of the noteholders, we plan to emerge from our restructuring as a recapitalized company separate from Edison International,” said Pizarro. “We believe this financial restructuring — coupled with the existing strength of our employees and assets — will position us to take advantage of new opportunities while preserving our focus on safe, reliable operations. We appreciate the ongoing dedication of all our employees, whose commitment, focus and expertise is essential to our success, and look forward to continuing to work with our suppliers and project partners.”

EME’s companies own, operate and lease a portfolio of more than 40 electric generating sites that are powered by wind, natural gas, biomass and coal, as well as an energy marketing and trading operation based in Boston, according to the news release.

1
Text Only
Latest news
  • Four DUI at Pa. sobriety checkpoint

    A sobriety checkpoint and roving patrol by Pennsylvania State Police resulted in four arrests for DUI Friday on state Route 281.
     

    April 20, 2014

  • Springs, Pa., man missing since Jan. 6

    SPRINGS, Pa. — Pennsylvania State Police are seeking help to find a Springs man missing since Jan. 6.

     

    April 19, 2014

  • Man charged with handgun crime

    Timothy Hart Winkler, 30, Grantsville, was arrested by city officers early Friday after a complainant and a witness said he pulled a handgun during an argument in front of 124 Seymour St.
     

    April 19, 2014

  • Redman.asp.jpeg Moorefield man jailed on felony drug count

    KEYSER, W. Va. — A Moorefield man was arrested on various charges Thursday, including a felony drug offense for possession of amphetamines, according to the Keyser Police Department.

    April 18, 2014 1 Photo

  • City woman charged in domestic call

    CUMBERLAND — A city woman was arrested Thursday evening after Cumberland Police investigated a domestic assault complaint in the 100 block of Pennsylvania Avenue.

    April 18, 2014

  • Carlton.jpg Arrest made in alleged drug deal

    CUMBERLAND — A 25-year-old city man was arrested Thursday night after Cumberland Police observed him allegedly taking part in a drug deal on Columbia Street.

    April 18, 2014 1 Photo

  • Sheriff warns of scams targeting taxpayers

    CUMBERLAND — Allegany County Sheriff Craig Robertson cautioned residents Thursday to be aware of continuing telephone scams that are targeting taxpayers.

    April 17, 2014

  • DSC_0446.JPG Oakland returns to normal after tanker accident

    OAKLAND — Nearly 12 hours after a propane tanker overturned in the heart of its business district, the town of Oakland returned to normal early Wednesday night.

    April 17, 2014 1 Photo

  • New River Gorge bald eagle dies from injuries

    CHARLESTON, W.Va. (AP) — A female bald eagle that nested in the New River Gorge has died from injuries suffered last month when she was hit by a train and later by a vehicle.
     

    April 17, 2014

  • 10 things to know for today

    Your daily look at late-breaking news, upcoming events and the stories that will be talked about today:
     

    April 17, 2014

Raw: More Than 100,000 Gather for Easter Sunday Raw: Greeks Celebrate Easter With "Rocket War" Police Question Captain, Crew on Ferry Disaster Raw: Orthodox Christians Observe Easter Rite Ceremony Marks 19th Anniversary of OKC Bombing Raw: Four French Journalists Freed From Syria Raw: Massive 7.2 Earthquake Rocks Mexico Captain of Sunken SKorean Ferry Arrested Raw: Fire Destroys 3 N.J. Beachfront Homes Raw: Pope Presides Over Good Friday Mass Raw: Space X Launches to Space Station Superheroes Descend on Capitol Mall Man Charged in Kansas City Highway Shootings Obama Awards Navy Football Trophy Anti-semitic Leaflets Posted in Eastern Ukraine Raw: Magnitude-7.2 Earthquake Shakes Mexico City Ceremony at MIT Remembers One of Boston's Finest Raw: Students Hurt in Colo. School Bus Crash Deadly Avalanche Sweeps Slopes of Mount Everest
Facebook
Must Read
House Ads
NDN Video
Jabari Parker's Top 5 Plays From Duke Career Kourtney Kardashian Is a Bikini Babe More Manpower Than Ever Expected At 4/20 Rally Debunk'd: Miley Cyrus AIDS, Cheeseburgers Cause Cancer, Military Warning Bill Previewing the NBA playoffs Raw: Orthodox Christians Observe Easter Rite My name is Cocaine Raw: Space X Launches to Space Station Lohan Gets Candid About Her Sex List The 2014 New York Auto Show Meet Johnny Manziel's New Girlfriend Chelsea Clinton Announces Pregnancy Funny: Celebrating Easter with Martha Stewart and Friends Man Accuses 'X-Men' Director Bryan Singer of Sexually Abusing Him As a Teenager Man hit with $525 federal fine after he doesn't pay for soda refill Lea Michele & Naya Rivera Feuding? Jabari Parker declares for the NBA draft Singing Nun Belts Out Cyndi Lauper New West, Texas Explosion Video Swim Daily, Throwback Thursday
NDN Video
Jabari Parker's Top 5 Plays From Duke Career Kourtney Kardashian Is a Bikini Babe More Manpower Than Ever Expected At 4/20 Rally Debunk'd: Miley Cyrus AIDS, Cheeseburgers Cause Cancer, Military Warning Bill Previewing the NBA playoffs Raw: Orthodox Christians Observe Easter Rite My name is Cocaine Raw: Space X Launches to Space Station Lohan Gets Candid About Her Sex List The 2014 New York Auto Show Meet Johnny Manziel's New Girlfriend Chelsea Clinton Announces Pregnancy Funny: Celebrating Easter with Martha Stewart and Friends Man Accuses 'X-Men' Director Bryan Singer of Sexually Abusing Him As a Teenager Man hit with $525 federal fine after he doesn't pay for soda refill Lea Michele & Naya Rivera Feuding? Jabari Parker declares for the NBA draft Singing Nun Belts Out Cyndi Lauper New West, Texas Explosion Video Swim Daily, Throwback Thursday