HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Places » U.S. » Texas (Group) » Energy Future Holdings Ba...

Thu Apr 3, 2014, 01:58 AM

Energy Future Holdings Bankruptcy Plan Said to Almost Wipe Out Owners KKR, TPG, Goldman Sachs

KKR & Co., TPG Capital and Goldman Sachs Capital Partners, the firms that acquired Energy Future Holdings Corp. in the biggest-ever leveraged buyout, would be all but wiped out in a reorganization plan being discussed, said three people with direct knowledge of the negotiations.

The firms may accept as little as 1 percent of the equity in the company after it completes a Chapter 11 restructuring, said the people, who asked not to be identified because the talks are private. The pre-bankruptcy plan is being negotiated by the private-equity owners, the company’s management and holders of the power producer’s $45.6 billion of debt.

Energy Future is hashing out a proposal that would reduce the amount of time it takes to restructure in Chapter 11, limit the chaos of a free-for-all filing and allow the company to avoid a tax bill that could exceed $7 billion. Fidelity Investments, which is a key debtholder throughout the Dallas-based company’s capital structure and had been a holdout on the bankruptcy road map, moved closer last week to an accord.

Adam McGill, a spokesman for Energy Future, declined to comment, as did Tom Johnson, a spokesman for the private-equity sponsors at Abernathy MacGregor Group.

More at http://www.bloomberg.com/news/2014-04-01/energy-future-plan-said-to-almost-wipe-out-owners-kkr-to-goldman.html .

[font color=green]It would be ironic if Ted Cruz's wife was terminated from Goldman-Sucks and he lost his platinum health insurance plan--especially since the enrollment period for the ACA has closed. Let them see what it is like to have to pay COBRA rates for that great health insurance coverage![/font]

4 replies, 1095 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 4 replies Author Time Post
Reply Energy Future Holdings Bankruptcy Plan Said to Almost Wipe Out Owners KKR, TPG, Goldman Sachs (Original post)
TexasTowelie Apr 2014 OP
hobbit709 Apr 2014 #1
daybranch Apr 2014 #2
DhhD Apr 2014 #4
Laelth Apr 2014 #3

Response to TexasTowelie (Original post)

Thu Apr 3, 2014, 05:53 AM

1. My heart bleeds for them-NOT!!!

Reply to this post

Back to top Alert abuse Link here Permalink


Response to TexasTowelie (Original post)

Thu Apr 3, 2014, 06:03 AM

2. Cruz will simply get the good insurance

the other senators have. No biggie to him unfortunately.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to daybranch (Reply #2)

Thu Apr 3, 2014, 12:20 PM

4. The public should insist that Cruz move to ACA. This would start a movement that all

congresspersons move to the ACA. President Obama has already done so. He pays his own premiums too.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to TexasTowelie (Original post)

Thu Apr 3, 2014, 08:22 AM

3. They want the taxpayers to absorb the loss.

I bet that $7 bil. in back taxes the company owes never makes it into the public coffers. I'll be thrilled to be wrong about this prediction, btw.

-Laelth

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread