The AES Corporation Subsidiary Files for Chapter 11
The AES Corporation (NYSE: AES) announced today that its subsidiary, AES Eastern Energy, has filed for chapter 11 bankruptcy protection. AES Eastern Energy operates over 1,000 megawatts of capacity at four facilities in New York that were acquired from New York State Electric & Gas in May 1999.
Although still under evaluation, it is not expected that the bankruptcy filing will impact AES' previously disclosed guidance metrics on diluted earnings per share, adjusted earnings per share or cash flow for the year ending December 31, 2011. The Company is not updating its guidance at this time other than to note the effect of the bankruptcy filing described above. The Company's review of its 2011 fourth quarter and full year financial results is not complete and the Company intends to report its results in February of 2012.
