Followers | 241 |
Posts | 12150 |
Boards Moderated | 3 |
Alias Born | 04/05/2009 |
Saturday, November 19, 2016 10:58:09 AM
Energy Industry Veteran Curt Morgan Formally Named CEO
Restructuring Eliminates More Than $33 Billion in Debt
Benefits from Low Leverage Relative to Peer Group
Company Closes on $4.25 Billion Exit Financing Facility
DALLAS, Oct. 4, 2016 /PRNewswire/ — TCEH Corp. today announced that it and certain of its subsidiaries, including operating businesses Luminant and TXU Energy, have emerged from Chapter 11 as a standalone company effected through a tax-free spinoff from Energy Future Holdings Corp. The emergence follows satisfaction of all necessary conditions, including regulatory approvals required by EFH’s Third Amended Plan of Reorganization, which was approved by the U.S. Bankruptcy Court for the District of Delaware on August 29, 2016.
EFH and Energy Future Intermediate Holding Company LLC, which own an indirect 80 percent equity interest in Oncor, remain in Chapter 11 and are proceeding toward confirmation and emergence on a separate, standalone schedule.
Concurrent with emergence, TCEH Corp. has issued 427.5 million shares of its common stock, as well as other proceeds, to the pre-emergence first-lien creditors of Texas Competitive Electric Holdings Company LLC (“Former TCEH”). Beginning today, this common stock is publicly traded on the OTCQX market under the ticker symbol THHH.
New, Experienced Leadership
TCEH Corp. has also appointed a new board of directors consisting of Gavin Baiera, Jennifer Box, Jeff Hunter, Michael Liebelson, Cyrus Madon, Curt Morgan and Geoffrey Strong. Curt Morgan will assume responsibilities as chief executive officer of TCEH Corp., effective immediately. During his 35-year career, Mr. Morgan has held leadership responsibilities in nearly every major U.S. power market. Most recently, he had been serving as a consultant for Former TCEH’s first-lien creditors. Prior to that, he was an operating partner at Energy Capital Partners, a private equity firm focused on investing in North America’s energy infrastructure. Earlier in his career, Mr. Morgan served as the president and CEO of both EquiPower Resources Corp. and FirstLight Power Resources, Inc. He recently served as a director of Summit Midstream Partners and has held leadership positions at NRG Energy, Mirant Corporation, Reliant Energy and BP Amoco.
“TCEH Corp. emerges from the restructuring process with a superb integrated business,” said Mr. Morgan. “This includes TXU Energy and Luminant – both of which are competitive, well-resourced and positioned for continued operational excellence in the growing Texas market with a strong balance sheet and the potential for stable earnings and significant cash generation. This outcome would not have been possible without the support of key stakeholders, including the company’s valued people, customers and business partners. So while industry conditions remain challenging – and we must continue to adapt accordingly – the long-term potential of our integrated business, combining an innovative, customer-focused retail business with a safe, reliable, cost-effective generation company, is extremely powerful.”
A Well-Capitalized, Stronger Company
TCEH Corp. consists of Texas’ largest electric power generator, Luminant, and TXU Energy, a competitive retail electricity provider, with almost 17,000 megawatts of generation and 1.7 million retail customers, respectively. TCEH Corp. believes this robust operating platform is now complemented by a strong balance sheet and liquidity position, as the company has eliminated more than $33 billion of debt and other obligations through the Chapter 11 restructuring process. TCEH Corp. further benefits from very low leverage relative to its peer group at 2.3 times of gross secured debt-to-EBITDA and 1.5 times on a net basis (secured debt less cash on hand), based on the projected 2016 EBITDA as disclosed to the Bankruptcy Court in connection with the reorganization proceedings.
At emergence, the company’s available liquidity position is estimated to be approximately $1.65 billion, including $750 million of undrawn net borrowings available under the company’s new $4.25 billion exit financing facility.
About TCEH Corp.
TCEH Corp. is a premier Texas-based energy company focused on the competitive energy and power generation markets through operation as the largest generator and retailer of electricity in the growing Texas market. Our integrated portfolio of competitive businesses consists primarily of Luminant and TXU Energy. Luminant generates and sells electricity and related products from our diverse fleet of generation facilities totaling approximately 17,000 MW of generation in Texas, including 2,300 MW fueled by nuclear power, 8,000 MW fueled by coal and 6,000 MW fueled by natural gas, and it is a large purchaser of wind-generated electricity, as well. TXU Energy sells retail electricity and value-added services (primarily through our market-leading TXU Energy™ brand) to approximately 1.7 million residential and business customers in Texas.
https://www.energyfutureholdings.com/tceh-corp-parent-company-for-luminant-and-txu-energy-emerges-from-chapter-11-as-a-competitive-well-capitalized-company/
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Recent VST News
- TXU Energy Announces Recipients of 2024 Energy Leadership Awards • PR Newswire (US) • 09/19/2024 02:26:00 PM
- Vistra to Acquire Equity Interests of Vistra Vision LLC from Minority Investors • PR Newswire (US) • 09/18/2024 09:00:00 PM
- Vistra Partners With Sunrun on Residential Battery Aggregation Program • PR Newswire (US) • 09/11/2024 02:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/15/2024 08:36:58 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 08/13/2024 08:07:38 PM
- TXU Energy and Ford Team Up to Offer Daily Free Home Charging Hours • PR Newswire (US) • 08/12/2024 12:51:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/08/2024 11:13:01 AM
- Vistra Reports Second Quarter 2024 Results • PR Newswire (US) • 08/08/2024 11:00:00 AM
- U.S. Index Futures Drop, Signaling Ongoing Market Volatility; Oil Prices Stall • IH Market News • 08/08/2024 09:55:44 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/05/2024 11:18:52 PM
- Vistra Declares Dividend on Common Stock and Series A Preferred Stock • PR Newswire (US) • 07/31/2024 10:30:00 PM
- Vistra Publishes 2023 Sustainability Report Highlighting Accelerated Portfolio Transformation & Responsible Decarbonization • PR Newswire (US) • 07/31/2024 05:45:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/31/2024 10:07:00 AM
- Vistra Receives Approval to Operate Comanche Peak Nuclear Plant Through 2053 • PR Newswire (US) • 07/30/2024 08:11:00 PM
- Homefield Energy Contracts with U.S. General Services Administration to Advance Sustainability Goals • PR Newswire (US) • 07/30/2024 02:00:00 PM
- 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
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM