Edison International unit misses $97M interest payment Per an SEC filing, on November 15, $97M of interest payments were due on unsecured bonds maturing in 2017, 2019 and 2027 issued by Edison Mission Energy, an indirect wholly-owned subsidiary of Edison International (EIX). EME elected not to make the November 15 interest payments at this time. If the interest payments are not made prior to the expiration of the grace period on December 17, then generally either the trustee or the holders of not less than 25% in aggregate principal amount of the bonds may declare the entire principal amount of the bonds and the interest accrued thereon to be due and payable immediately. EME's failure to pay indebtedness under its unsecured bonds will likely result in EME's filing for protection under Chapter 11 of the U.S. Bankruptcy Code. Edison International and EME continue to engage in discussions with the bondholders' financial and legal advisors regarding potential EME restructuring transactions.
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