Edison International unit Edison Mission Energy has filed for Chapter 11 bankruptcy protection, the parent company said in a statement. Edison International said it will subsequently deconsolidate its California-based subsidiary. EME's ownership is to be transferred to its creditors, a move that requires approval by the bankruptcy court.
A website dedicated to the EME restructuring said the reorganization plan will also seek to "retire existing public debt and enhance [EME's] access to liquidity." The goal is for the subsidy to emerge as a recapitalized company independent of Edison International.
The website also characterized EME's operations as "healthy" and said they would continue uninterrupted.
The article Edison International Unit Declares Bankruptcy originally appeared on Fool.com.
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