The U.S. Bankruptcy Court confirmed Energy Future Holdings’ (EFH) Eighth Amended Plan of Reorganization, as it applies to the EFH Debtors and Energy Future Intermediate Holdings (EFIH) Debtors and the EFIH settlement.
Among other things, the Plan provides for NextEra Energy’s purchase of EFH’s 80% stake of its Oncor power transmission unit with $4.4 billion in cash and stock and $5.4 billion in financing. That purchase still awaits final approval by the Public Utility Commission of Texas.
According to documents filed with the Court, “Assuming an Effective Date of April 30, 2017, the total aggregate amount of make-whole or redemption premiums that would be owed if such alleged claims were allowed claims would be at least $700 million (of which $432 million relates to the EFIH First Lien Notes (not including interest), $212 million relates to the EFIH Second Lien Notes and $64 million relates to the EFIH PIK Senior Toggle Notes), although, for the avoidance of doubt, Holders of Allowed Class B6 Claims are not receiving any recovery on account of any asserted Makewhole Claims. In these matters, the EFIH Debtors have requested orders from the Bankruptcy Court disallowing such make-whole or redemption claims.”
This electric utility provider filed for Chapter 11 protection on April 29, 2014, listing $41 billion in pre-petition assets.
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