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Sunday, Sep 22
Energy Future takes step towards massive bankruptcy filing
- Energy Future Holdings' creditors have reportedly signed confidentiality agreements to review the Texas power utility's non-public financial information, an important step in what is expected become one of the largest ever bankruptcy filings.
- Energy Future, formerly known as TXU Corp., is attempting to reach a prepackaged bankruptcy deal with debtees in order to avoid staying in Chapter 11 for too long.
- A major deadline is November 1, when Energy Future is due to pay $270M to junior creditors.
- One group of debtees includes Apollo Global (APO) and Oaktree Capital, while another involves Blackstone Group's (BX) GSO Capital Partners. Energy Future's owners are KKR (KKR), TPG and Goldman Sachs (GS).
This was corrected on 10/13/2013 at 01:56 AM.