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Exxon Mobil Corporation Message Board

  • bluecheese4u bluecheese4u May 2, 2013 9:14 AM Flag

    Energy Future reports $569 million first-quarter loss

    Energy Future reports $569 million first-quarter loss

    May 2, 2013 at 6:40 am by Bloomberg

    Energy Future Holdings Corp., the Texas power company seeking to restructure at least $32 billion of debt, reported its ninth consecutive quarterly loss.

    The first-quarter loss widened to $569 million from $304 million a year earlier, the Dallas-based company said in a filing with the U.S. Securities and Exchange Commission made public today.

    Energy Future, formerly known as TXU, has struggled to generate profits since it was taken private six years ago in the largest leveraged buyout in history. Wholesale electricity prices have dropped on a decline in natural gas costs, which fell 86 percent from a 2008 high.

    Total debt rose to $43.4 billion among all the company’s units, from $43.2 billion at the end of last year. Creditors rejected a pre-packaged bankruptcy plan to restructure debt held by one of its units, the company said April 15. The company had proposed a plan in which creditors would forgive debt held by its unregulated power unit in exchange for equity in Energy Future and $5 billion in cash or new debt.

    KKR & Co., TPG Capital LP and Goldman Sachs Group Inc., leaders of the $48 billion buyout, said they would support the proposed Energy Future restructuring if they can retain a 15 percent equity stake in the company.

    “We and the creditors have not reached agreement on the terms of any change in our capital structure and are currently not engaged in ongoing negotiations,” the company said in today’s filing.

    Energy Future’s units include Luminant, which owns more than 15,400 megawatts of power plant capacity in Texas; TXU Energy, a retail electricity seller; and Oncor Electric Delivery Company, a regulated power-line unit that supplies electricity to more than 3 million homes and businesses.


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