After missing a $97 million payment on its unsecured bonds, Edison Mission Energy announced that it might have to file for bankruptcy relief within the month.  Citing decreases in power prices, Edison cannot service its $3.7 billion in unsecured bonds and may need to restructure that debt through a bankruptcy.  However, the process of restructuring through a bankruptcy will not be without its problems.

The company has retained the services of restructuring lawyers in hopes of avoiding the necessity of filing bankruptcy.  For more details you can read the article “Edison Mission Energy misses payment, faces likely bankruptcy” published in the Chicago Tribune.