Energy Future Holdings (EFH) and Energy Future Intermediate Holdings’ (EFIH) First Amended Joint Plan of Reorganization [Further Revised] became effective, and the Company emerged from Chapter 11 protection under an acquisition with Sempra Energy.
The U.S. Bankruptcy Court confirmed the Plan on February 27, 2018. According to BankruptcyData’s Plan Summary, “The Liquidation Analysis estimates net proceeds available for distribution to Holders of Claims against and Interests in the EFH Debtors in a hypothetical liquidation (assuming the interest in Oncor is not disposed of in a taxable disposition) are assumed to have a range of between $368 million and $371 million, with a mid-point of $370 million. Also, the estimated net proceeds available for distribution to Holders of Claims against, and Interests in, the EFIH Debtors (assuming the interest in Oncor is not disposed of in a taxable disposition or, if a taxable disposition were to occur, the EFIH Debtors would not be liable for any part of such liability) in a hypothetical liquidation are assumed to have a range of between $9.54 billion and $9.64 billion, with a mid-point of $9.56 billion.”
In addition, “The Plan constitutes a separate chapter 11 plan of reorganization for each EFH Debtor and EFIH Debtor.” According to documents filed with the SEC, Reorganized EFH (renamed Sempra Texas Holdings Corp.) owns 100% of the membership interests of EFIH (renamed Sempra Texas Intermediate Holding Company), which in turn owns 100% of the membership interests of Oncor Electric Delivery Holdings Company, which owns approximately 80.03% of the outstanding membership interests of Oncor Electric Delivery Company. Under the merger agreement, Sempra Energy paid cash consideration of approximately $9.45 billion.
This electric utility company filed for Chapter 11 protection on April 29, 2014, listing $41 billion in pre-petition assets.
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