Bankrupt power company Energy Future Holdings Corp received conditional court approval to accept bids for its majority stake in Oncor, a power transmission company in Texas worth billions of dollars.
Energy Future Holdings
Energy Future Holdings squared off against creditors in court on Friday as the bankrupt Texas power company sought approval to begin a multibillion dollar auction of its interest in Oncor, a power transmission business.
Energy Future Holdings planned to make coupon payments worth USD 270 million to creditors as a possible bankruptcy loomed.
Secured lenders at Texas Competitive Electric Holdings and unsecured bondholders at Energy Future Intermediate Holdings (EFIH) were in a deadlock about their confidentiality agreements due to Energy Future Holdings' USD250 bond debt payments due on November 1.
KKR & Co. and TPG may have to rely on US$1.48 billion junior bonds to offset failing TXU investment.
Energy Futures is seeking court intervention to dismiss the suit filed by Aurelius against the firm.
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