Power wholesaler files for bankruptcy in Illinois

(AP) Power wholesaler Edison Mission Energy and its Chicago-based subsidiary Midwest Generation say their bankruptcy filing will have no immediate effect on jobs at the companies.

In Chapter 11 bankruptcy petitions filed Monday in Chicago, Edison Mission listed $5.13 billion in assets and $5.1 billion in debt.

California-based Edison Mission says the bankruptcy won't affect Midwest Generation's operations and there are no plans for layoffs among its roughly 960 employees. The company blames its financial problems on high fuel costs and other factors, such as retrofits needed at coal plants.

Midwest Generation operates plants in the Illinois cities of Joliet, Pekin, Waukegan and Romeoville.

Edison Mission is owned by California utility Edison International. Edison Mission President Pedro Pizarro says his company hopes to emerge from bankruptcy as a separate, independent company.