In The News

Ropes & Gray Represents Elliott Management Corporation in an Equity Investment in FirstEnergy

Practices: Business Restructuring, Special Situations

Ropes & Gray represented Elliott Management Corporation as part of a $2.5 billion equity investment in FirstEnergy that includes $1.62 billion in mandatory convertible preferred equity and $850 million of common equity. The investment in part comes from affiliates of Elliott Management Corporation, and includes additional investors affiliated with Bluescape, GIC, and Zimmer Partners, LP, strengthening the company's investment-grade balance sheet.

Headquartered in Akron, Ohio, FirstEnergy is one of the nation's largest investor-owned electric systems and serves customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York.

The Ropes & Gray team was led by special situations partner Jonathan Gill and business restructuring partner Keith Wofford.