Replaces everything after the enacting clause. Amends the Public Utilities Act. Provides that the Illinois Commerce Commission shall, within 9 months after an application is filed, issue its Order approving or denying any proposed reorganization involving the acquisition by a public utility or its affiliate of all of the common stock or substantially all of the operating assets, whether by merger, creation, and acquisition of a limited liability or other company, or otherwise, of another public utility that has secured debt which is, or was, within the year prior to the filing of the application, rated below investment grade by at least three nationally recognized rating agencies. Provides that such an application must be filed no later than 3 months after the effective date of this amendatory Act. Grants the Commission the authority, consistent with State jurisdiction, to review and approve any purchased power agreement related to the reorganization agreement. Effective immediately.