Buffett Bets Big on Energy with $9 Bln Oncor Buy
Warren Buffett's move to spend $9 billion on his largest energy sector acquisition reflects his long-standing drive to diversify his Berkshire Hathaway Inc and deepens his commitment to electricity as a means to boost profit. Berkshire said on Friday that its Berkshire Hathaway Energy unit will buy a reorganized Energy Future Holdings Corp to get access to Oncor Electric Delivery Co, Texas' largest electricity transmission company.
Energy Future Seeks Longer Bankruptcy
Energy Future Holdings, the largest power company in Texas, asked a judge to extend the period in which it controls its Chapter 11 bankruptcy and said it is scrapping its original debt-cutting plan in favor of an auction of its Oncor unit. The company asked Delaware Bankruptcy Judge Christopher Sontchi to extend its exclusive right to seek a creditor vote on a plan of reorganization until April 25, 2015 from its current deadline in October.
Key Hearings in Energy Future Bankruptcy Extended
Court hearings to determine if Energy Future Holdings Corp, Texas's biggest power company, can adopt a refinancing package that is key to its massive bankruptcy have been extended through July 11 from the original schedule to end on Tuesday. "I'm worried about that amount of time being sufficient," Judge Christopher Sontchi of the U.S. Bankruptcy Court in Wilmington, Delaware said at the start of Tuesday's session. "We have a lot of witnesses," said Sontchi, who scheduled time in court on Wednesday and July 10 and July 11.
Bankrupt Energy Future Cleared For $5.4 bln Refinancing Loan
Bankrupt Energy Future Holdings, Texas's largest power company, received court approval on Friday for one of its main businesses to borrow $5.4 billion to carry out a refinancing that is key to its huge restructuring. Approval of the loan to Energy Future's EFIH unit, which controls the Oncor power lines business, was tied to a settlement offer that was also approved on Friday by U.S. Bankruptcy Judge Christopher Sontchi in Wilmington, Delaware. In April, Energy Future filed one of the largest U.S.
Energy Future Postpones Hearing on Restructuring Agreement
A lawyer for Energy Future Holdings, the bankrupt Texas power company, told a judge on Friday the company will postpone for a second time a hearing to approve an agreement that is key to its ambitious timeline to exit bankruptcy in 11 months. The restructuring support agreement, or RSA, allows the company, Texas's largest power provider, to pay professionals and helps to hold its creditors to a process for restructuring its $42 billion in debt. While the RSA hearing set for June 30 was postponed, U.S.
Energy Future Postpones Restructuring Hearing
An attorney for Texas' leading power company, the bankrupt Energy Future Holdings, told a court hearing on Thursday that it will delay seeking court approval of a restructuring support agreement that lays a path out of Chapter 11. At the start of a two-day hearing on a request to move the bankruptcy case to Dallas from Wilmington, Delaware, Edward Sassower said Energy Future will postpone to June 30 from June 6 a hearing to approve its restructuring support agreement, known as an RSA.
Energy Future Sued Over Bankruptcy Refinance Plan
Texas' largest power company, the bankrupt Energy Future Holdings Corp, was sued by a representative for noteholders who said they are owed $665 million in return for refinancing their securities, a key part of the company's bankruptcy plan. Energy Future filed for bankruptcy in April with a complex plan to restructure its $42 billion in debt. Part of that plan involves offering a new loan in return for $3.5 billion of secured 10 percent notes issued by a subsidiary known as Energy Future Intermediate Holding.
Energy Future, Creditors Square off in Bankruptcy Hearing
Hearings kicked off one of the biggest-ever U.S. bankruptcies on Thursday with creditors of Energy Future Holdings Corp, the largest power company in Texas, airing grievances over timing, value and how to administer the case. Energy Future, created in the 2007 buyout of TXU Corp, filed for Chapter 11 bankruptcy on Tuesday after struggling more than a year to work out a deal with its creditors. The company's lawyer, Edward Sassower of Kirkland & Ellis…
Texas-based Energy Future Files for Bankruptcy
Energy Future Holdings, a Texas power company, filed for bankruptcy protection on Tuesday, seven years after its record leveraged buyout stacked it with debt just as prices for its electricity plunged. The former TXU Corp owes tens of billions of dollars to hedge funds and investment firms, and the Chapter 11 filing is among the largest ever. The company said it entered bankruptcy with significant deals in place with creditors that would eliminate approximately $40 billion in debt.
EFH Bankruptcy Filing Expected as Soon as Monday
Leading Texas power company Energy Future Holdings (EFH) is expected to file for bankruptcy as early as Monday evening, sources close to the situation said on Friday, as it struggles to pay its hefty debt load of more than $40 billion because of cheap electricity prices. The former TXU Corp, which owns 14 power plants, faces a deadline next Thursday, when a 30-day grace period stemming from a missed bond payment will expire and push the company into default.
Energy Future Restructuring Talks Progressing, but Slowly
Efforts to restructure Energy Future Holdings are progressing, albeit slowly, as the embattled Texas utility moves toward an expected bankruptcy filing, people close to the talks say. Discussions among disparate sets of stakeholders are advancing but have not yet broadened to the point that all key stakeholders are in the same room, said the people, who declined to be named because talks are private. The conversations will have to become broader if a deal is to be reached to overhaul the former TXU Corp…
