NEW YORK, Oct 15 (Reuters) - Some creditors of Energy FutureHoldings (EFH) have stopped negotiating with the Texas powercompany as it looks to restructure its $40 billion of debt.
According to a filing with U.S. regulators on Tuesday,unsecured bondholders at Energy Future Intermediate Holdings(EFIH), the parent of Energy's Future's regulated subsidiary,are no longer engaged in ongoing discussions with the companyand other creditors.
EFH's creditors want to finalize a restructuring plan beforeNov. 1, when $250 million in bond payments are due. Filing forbankruptcy before Nov. 1 would suspend the bond payments; butfiling without a restructuring plan could entail years ofbattles and competing restructuring plans in bankruptcy court.
EFH, formerly TXU Corp, was taken private in 2007 in a $45billion buyout, the largest-ever leveraged buyout. The dealsaddled the company with debt just before a sharp decline innatural gas prices and energy markets.
The buyout consortium included private equity firms KKR & CoLP, TPG Capital Management LP and Goldman SachsGroup Inc's private equity arm.
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