Texas power company Energy Future looks to restructure debt

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Electric utility company Energy Future Holdings Corp. is seeking to restructure about $32 billion in debt, but no deal has yet been reached, according to reports.

Energy Future Holdings, formerly known as TXU Corp., became a private company in 2007 after a $45 billion buyout. That purchase was the largest leveraged buyout in history.

The company is proposing a restructure deal to its creditors that would exchange creditor claims for equity and new debt, according to a filing with the U.S. Securities and Exchange Commission. The company's leadership is not currently negotiating with creditors, according to reports.

Creditors have said, according to reports, they would consider restructuring if it increased distributions and compensated them for the risk of taking on equity.

The majority of the company's power generation is through coal and nuclear power plants. Subsidiaries of Energy Future Holdings include Oncor Electric Delivery and Texas Competitive Electric Holdings.

Oncor, a regulated power delivery business, is not part of the deal, according to reports.

The company's unregulated businesses, Luminant and TXU Energy, contain most of Energy Future Holdings' debt.

Some of Energy Future's largest creditors include Apollo Global Management, Oaktree Capital Management, Centerbridge Partners, Fidelity Investments and Franklin Resources, according to reports.

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POWERGRID International

April 2014
Volume 19, Issue 4
1404pg-cover

ELECTRIC LIGHT & POWER

January 2014
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