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TXU Parent Scraps Restructuring Plan In Favor of Court-Supervised Bid Process
July 24,2014 Energy Future Holdings said today in an SEC filing that various EFH companies have terminated a previously entered restructuring agreement, in favor of a court-supervised bid process The move was expected given heightened interest from rival suitors for Oncor, including NextEra Energy and Hunt Consolidated "In cooperation with their various stakeholders, the Reorganizing Entities have focused (and will continue to focus) on formulating and implementing an effective and efficient plan of reorganization for each of the Reorganizing Entities under Chapter 11 of the Bankruptcy Code that maximizes enterprise value ... The Reorganizing Entities are encouraged by the interest in EFIH and it subsidiaries, including Oncor Electric Delivery Company LLC. The Reorganizing Entities intend to conduct a court supervised bid process with respect to the restructuring of EFH and EFIH to maximize their respective enterprise values for all stakeholders. In addition, EFH and EFIH intend to continue to negotiate with each party that has submitted bids to date with respect to the reorganization of EFH and EFIH," EFH said in the filing. The Wall Street Journal reports that, "It isn't clear what is going on the auction block. Energy Future could auction the companies that own the Oncor stake, or it could auction the right to sponsor a Chapter 11 plan that reorganizes the division."
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