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Energy Future noteholders: TCEH creditors working on plan proposal
By Caroline Salls
Pittsburgh, Aug. 4 – Energy Future Holdings Corp. debtor Energy Future Intermediate Holding Co. LLC’s (EFIH) second-lien noteholders disclosed Tuesday that informal groups of debtor Texas Competitive Electric Holdings Co. LLC’s (TCEH) first-lien creditors and unsecured creditors are working on a joint plan of reorganization proposal, according to a news release.
The disclosing EFIH noteholders said they do not have copies of the latest proposals from the TCEH groups. However, on July 15, advisers to the disclosing EFIH second-lien noteholders were informed that, at that point, the joint proposal included a construct where the TCEH informal unsecured group would only have until April 30, 2016 to implement a REIT reorganization and complete a plan under a merger scenario.
If the merger and the REIT reorganization do not occur by April 30, 2016, the TCEH first-lien group may be able to proceed with a taxable transaction.
Counsel to the TCEH unsecured group confirmed that, as of Tuesday, the parties do not have a signed agreement with company parties or a steering committee of the TCEH first-lien group, according to the news release.
This information was disclosed under the confidentiality agreements among Energy Future, EFIH, TCEH and Energy Future Competitive Holdings Co. LLC and the second-lien noteholders.
As previously reported, the company parties disclosed on Monday the terms of a joint proposal supported by the informal EFIH second-lien noteholder groups.
Energy Future, a Dallas-based power generation company and utility operator, filed bankruptcy on April 29, 2014 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 14-10979.
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