American Efficient Files for Bankruptcy | Raleigh News

A Durham energy firm, American Efficient, just filed for Chapter 11 bankruptcy after being slapped with a $722 million fine and ordered to return $410 million in profits — totaling over $1.1 billion — by FERC for allegedly gaming the energy market by bidding on capacity they didn’t control. The company denies wrongdoing, claiming they followed the rules as they understood them, but their reported assets of just $1 million to $10 million make repayment impossible. They’re now challenging the ruling in court while seeking breathing room in bankruptcy, all while being tied to state Senator Sophia Chitlik, who previously lobbied for them. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/edcf731ad55fc563