The company that owns the coal-fired Pleasants Power Station, located north of Parkersburg, has filed for Chapter 11 bankruptcy protection, a legal step the owner says will help restructure its finances and pursue a sale of the facility.
Omnis Pleasants LLC filed the petition this week in Delaware, listing more than $70 million in liabilities. The filings identify a $50 million low-interest loan from the West Virginia Economic Development Authority as the largest single debt on the books.
What the filing means for the plant and local residents
Company officials said the Chapter 11 filing is intended to buy time for reorganization talks with stakeholders and to support a sale process. In a statement, Omnis said the process would allow the business to continue ordinary operations while addressing obligations to utilities, vendors and employees.
"After careful consideration, the management team of Pleasants, as well as its legal counsel and advisors, believe that initiating a Chapter 11 process is the best path forward to achieve a resolution that is best for all stakeholders," said David Hindman, chief executive officer of Pleasants.
An initial bankruptcy hearing is scheduled for 1 p.m. Wednesday, July 29, in Wilmington, Delaware. That hearing is expected to review standard "first day" motions that typically seek court approval to keep payroll, pay certain vendors and maintain cash management during reorganization.
Background and status of the site
Omnis bought the Pleasants plant in 2023 after previous owners announced plans to demolish the facility and remediate the site. At the time of purchase, Omnis outlined an ambitious plan to retrofit the coal-fired plant to run on hydrogen produced as part of a process to extract graphite from coal — a technology described by the company as speculative.
Despite projections that the retrofitted operation would be fully running by 2025, the plant has remained largely idle, according to the company's court filings and public statements.
Debts and immediate financial picture
In court papers, Omnis places its liabilities above $70 million. The company said the Chapter 11 filing will allow it to keep current management in place while working with state officials, PJM (the regional transmission organization that coordinates electricity transmission in parts of 13 states), vendors and employees.
| Debt category | Amount reported |
|---|---|
| Loan from West Virginia Economic Development Authority | $50 million |
| Other creditors (as listed) | More than $20 million (combined) |
| Total reported liabilities | More than $70 million |
Local impact and next steps
The company says it intends to operate normally during the Chapter 11 process, including participating in energy trading activities and honoring commitments to PJM. The expected "first day" approvals would allow Omnis to continue paying wages and vendors while pursuing restructuring talks.
- Residents should not expect immediate changes to electric service solely because of the filing; PJM oversees regional transmission.
- The bankruptcy could affect the timeline for site redevelopment, demolition or environmental remediation previously discussed by former owners.
- State officials and the West Virginia Economic Development Authority will be key stakeholders as reorganization or sale discussions move forward.
The company said current management will remain in place to work with the state and other parties to secure the best possible outcome. The initial hearing in Delaware will set the schedule for the bankruptcy case and decide whether the company can continue standard operations while negotiating with creditors and seeking potential buyers.
News Block will follow developments in the Pleasants bankruptcy, including filings in Delaware and statements from state officials and the West Virginia Economic Development Authority as they become available.
