News
Edison Mission Bonds Worth 54 cents in bankruptcy, JPMorgan says
Edison International, owner of California's second-largest electric utility, said yesterday in a filing with the U.S. Securities and Exchange Commission that its money-losing, unregulated generation unit may have to file for Chapter 11 bankruptcy protection.
August 2, 2012
by Mary Childs
in Bloomberg News
Bondholders of Edison International (EIX) (EIX)'s generation unit may recover 54 cents on the dollar in an increasingly probable bankruptcy scenario for the unprofitable power producer, according to JPMorgan Chase & Co. analysts.
Edison Mission Energy's bonds are trading at about 54 cents, which JPMorgan high yield utilities analysts Dave Katz and Bayina Bashtaeva estimate to be recovery. Edison Mission may need to cut its $3.7 billion of debt (0223076D) by more than the $1 billion the company has forecast, they wrote in a note today. Chief Executive Officer Ted Craver said the company would have to... [continue via Web link]
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