Second day of hearing
for FirstEnergy Solutions
A federal court hearing that could result in FirstEnergy Solutions emerging from bankruptcy is expected to wrap up late Wednesday.
On Tuesday, U.S. Bankruptcy Court Judge Alan M. Koschik in Akron held the first day of the confirmation hearing. The hearing is to confirm whether FirstEnergy Solutions, the unregulated generation arm of Akron-based electric utility FirstEnergy Corp., has met all required bankruptcy code elements.
If Koschik grants his approval following the hearing, FirstEnergy Solutions will emerge from Chapter 11 bankruptcy proceedings as an independent company that would likely change its name before the end of the year. FirstEnergy Solutions is the owner of the Perry Nuclear Power Plant and the Davis-Besse Nuclear Power Station, among other power generation facilities in Ohio.
Signs point toward confirmation. A majority of creditors this month approved the reorganization plan, according to court filings. It is unclear how soon after the hearing Koschik will issue his ruling.
The spinoff is part of FirstEnergy Corp.'s plan to return to being a fully regulated electric utility.
Eddie Bauer to shut down
call center near Columbus
Eddie Bauer will shutter a call center near Columbus and eliminate 111 jobs there in October.
The closure in Groveport, disclosed last week by the Ohio Department of Jobs and Family Services, comes a little over a year after the Bellevue, Wash.-based outdoor retailer was merged with a California surf-wear company, Pacific Sunwear, as part of a cost-saving move by the companies' corporate parent.
Neither Eddie Bauer nor its corporate parent, Golden Gate Capital, would comment on the closure.
Labor Day travelers
could break record
Airlines expect record crowds over the weeklong Labor Day period, continuing a rise in travel that has boosted the airlines' profits all year.
The trade group Airlines for America forecast Tuesday that 17.5 million passengers will fly on U.S. carriers between Aug. 28 and Sept. 3. That would be 2.5 million passengers a day and a 4% increase over the same week last year.
The busiest day is expected to be Friday, Aug. 30, when the group forecasts just under 3 million people will board a U.S. airline.
Uber receives incentive
to expand inside Texas
Uber will receive a $24 million incentive package from Texas officials and open a new administrative hub in Dallas, bringing with it about 3,000 jobs, Gov. Greg Abbott announced Tuesday.
The offices that will open in the historic Deep Ellum section of Dallas will house various corporate functions, officials said.
Abbott said in a prepared statement that the state's "business-friendly environment makes Texas the perfect home for innovative companies like Uber."