The parent company of the Midwest Generation coal-fired power plants in Joliet and Romeoville has filed for Chapter 11 bankruptcy protection, according to a Reuters news service story.
Edison Mission Energy is trying to restructure a $5 billion debt load for the coal, natural gas and renewable power plants it owns in several states, including Illinois, the story said.
The bankruptcy filing states that the company has $5.1 billion in assets and $5 billion in liabilities, the story said.
Midwest Generation reported a $160 million operating loss in the first nine months of 2012, Crain's Chicago Business reported in November. In the same period last year, the company was reporting $91 million in operating income, the story said.
The company has been hard hit by a softening market, caused by a decline in natural gas prices due to new production methods that have increased supply, the story said.
In addition to the Joliet and Romeoville plants, the company also owns plants in Waukegan and Pekin in central Illinois. Two Chicago plants were closed earlier this year.
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