Edison Mission Energy considering bankruptcy

Sources close to Edison Mission Energy have said that the unregulated power generation company is close to filing a bankruptcy case in an attempt to restructure approximately $5 billion in debt.  Edison Mission is based in Santa Ana, California but also has renewable power plants in Illinois, Pennsylvania and West Virginia.

The recession, less demand for power and cheaper natural gas have all contributed to Edison’s debt problems.  With the expiration of a grace period on its $97 million interest payment, Edison may have not alternative to bankruptcy.  For more on this story read, “Edison Mission prepares bankruptcy filing: source.”