A bankruptcy judge in Chicago approved the sale of most of the assets of Santa Ana-based Edison Mission Energy, a unit of Edison International, the Rosemead-based parent of Southern California Edison.
Edison International said in October that NRG Energy Inc. in Princeton, N.J., had agreed to buy Edison Mission’s assets in a stock-and-cash deal valued at $2.6 billion. Edison International, Edison Mission and creditors reached the agreement as part of a Chapter 11 exit plan last month.
NRG will pay nearly $2.3 billion in cash and $350 million in stock for the Edison Mission’s assets, which include several coal-fired power plants and wind and natural-gas operations in the Midwest and California.
Proceeds will be used to pay creditors of Edison Mission, which will remain an Edison International subsidiary for tax purposes.
The Federal Energy Regulatory Commission must sign off on the deal, which is expected to close in the next month.
