CHICAGO — Power wholesaler Edison Mission Energy and its Chicago-based subsidiary Midwest Generation have filed for Chapter 11 bankruptcy protection to try to restructure $5 billion in debt.
In bankruptcy petitions filed Monday in Chicago, Edison Mission Energy listed $5.13 billion in assets and $5.1 billion in debt. California-based Edison Mission is owned by California utility Edison International.
Edison Mission President Pedro Pizarro says the companies hope to emerge from bankruptcy as a separate company independent of Edison International.
It wasn't immediately clear how the filing would affect Midwest Generation's Illinois operations. The business information website Hoover's says Midwest has about 960 employees.
Edison Mission blamed high fuel costs and other factors such as retrofits needed at coal plants for its financial problems.
Midwest operates plants in Joliet, Pekin, Waukegan and Romeoville.