Followers | 241 |
Posts | 12089 |
Boards Moderated | 1 |
Alias Born | 04/05/2009 |
Tuesday, April 29, 2014 10:46:53 PM
Energy Future Holdings filed for Chapter 11 protection in Wilmington, Del., this morning, after reaching a long-awaited deal with creditors on a restructuring that would shed about $40 billion in debt.
Energy Future said it expects confirmation of the plan will take about nine months, with a Chapter 11 exit expected in 11 months. The company said it has secured two debtor-in-possession credit facilities: $4.475 billion for Texas Competitive Electric Holdings Company, and $7.3 billion for Energy Future Intermediate Holding Company.
The pre-arranged restructuring plan, which EFH said it expects to file “in the near term,” will separate Texas Competitive Electric Holdings and its subsidiaries from Energy Future Holdings without triggering any material tax liability, the company said. TCEH’s first-lien lenders will receive all equity in reorganized TCEH and the cash proceeds from new debt issued by TCEH in exchange for eliminating about $23 billion of TCEH’s funded debt.
At Energy Future Intermediate Holding Company, the holding company for Oncor Electric Delivery Company, EFH’s regulated business, the plan would eliminate about $2.5 billion of EFIH’s funded debt through a capital infusion of up to $1.9 billion from certain EFIH unsecured note holders, EFH said. The capital will convert, along with all EFH and EFIH unsecured notes, into equity in reorganized EFH when the company exits Chapter 11. Certain EFIH unsecured note holders will also receive cash under the plan, the company said.
At EFH, the plan will eliminate about $600 million of funded debt. The reorganized EFH will continue to own EFIH, and EFIH will retain its interest in Oncor.
The newly filed case has already prompted a battle over the company’s choice of bankruptcy venue. Wilmington Savings Fund Society, the trustee for TCEH’s second-lien notes, filed a motion this morning seeking to transfer the case from Wilmington to the bankruptcy court in Dallas, a “nine-minute walk” from EFH headquarters.
Kirkland & Ellis is serving as EFH’s lead bankruptcy counsel. Evercore Partners is serving as financial advisor, with Alvarez & Marsal as restructuring advisor. — John Bringardner
http://www.forbes.com/sites/spleverage/2014/04/29/looking-to-shed-40b-in-debt-energy-future-holdings-txu-files-ch-11/
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Recent VST News
- Vistra to Report Second Quarter Results on Aug. 8, 2024 • PR Newswire (US) • 07/16/2024 08:30:00 PM
- Vistra Pledges $1 Million to Aid Customers and Communities Impacted by Hurricane Beryl • PR Newswire (US) • 07/15/2024 03:11:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/12/2024 08:06:29 PM
- BP Slashes Profit Forecast by $700 Million; Morgan Stanley Predicts S&P 500 10% Drop, and More News • IH Market News • 07/09/2024 10:54:32 AM
- Vistra Announces Plans to Add Up to 2,000 MW of Gas-Fueled Dispatchable Power in ERCOT • PR Newswire (US) • 05/30/2024 08:00:00 PM
- TXU Energy Announces Recipients of 2024 Energy Leadership Awards • PR Newswire (US) • 05/22/2024 07:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/17/2024 09:37:28 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/17/2024 09:35:54 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/17/2024 09:29:44 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/08/2024 11:01:00 AM
- Vistra Reports First Quarter 2024 Results, Raises Expectations for Energy Harbor and Consolidated Adjusted EBITDA • PR Newswire (US) • 05/08/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/06/2024 08:19:06 PM
- Perficient Stock Soars 52.9% Post-Acquisition; Luminar Declines 10% Amid Workforce Cutbacks, and Other News • IH Market News • 05/06/2024 12:09:00 PM
- Vistra Set to Join S&P 500; Aaon to Join S&P MidCap 400; Marathon Digital Holdings to Join S&P SmallCap 600 • PR Newswire (US) • 05/03/2024 11:05:00 PM
- Vistra Declares Dividend on Common Stock, Series B Preferred Stock and Series C Preferred Stock • PR Newswire (US) • 05/02/2024 11:32:00 PM
- Vistra to Report First Quarter Results on May 8, 2024 • PR Newswire (US) • 04/15/2024 08:30:00 PM
- Vistra Prices Private Offerings of $500 Million of Senior Secured Notes and $1 Billion of Senior Unsecured Notes • PR Newswire (US) • 04/10/2024 03:14:00 AM
- Vistra Announces Private Offerings of Senior Secured Notes and Senior Unsecured Notes • PR Newswire (US) • 04/09/2024 12:58:00 PM
- New TXU Energy Plan Automatically Delivers Free Energy When Customers Use it Most • PR Newswire (US) • 04/01/2024 02:48:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 01:14:02 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 01:12:57 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 01:11:52 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 01:09:33 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/08/2024 01:08:13 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/07/2024 09:34:01 PM
Glidelogic Corp. Announces Revolutionary AI-Generated Content Copyright Protection Solution • GDLG • Jul 26, 2024 12:30 PM
Southern Silver Files NI43-101 Technical Report for its Updated Preliminary Economic Assessment for the Cerro Las Minitas Project • SSV • Jul 25, 2024 8:00 AM
Greenlite Ventures Completes Agreement with No Limit Technology • GRNL • Jul 19, 2024 10:00 AM
VAYK Expects Revenue from First Airbnb Property Starting from August • VAYK • Jul 18, 2024 9:00 AM
North Bay Resources Acquires Mt. Vernon Gold Mine, Sierra County, California, with Assays up to 4.8 oz. Au per Ton • NBRI • Jul 18, 2024 9:00 AM
Nightfood Holdings Signs Letter of Intent for All-Stock Acquisition of CarryOutSupplies.com • NGTF • Jul 17, 2024 1:00 PM