BankruptcyData’s detailed analysis and summary of Energy Future Holdings’ (EFH) Eighth Amended Joint Plan of Reorganization, dated February 16, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on February 17, 2017; however, an effective date has not yet been issued. The Texas Competitive Electric Holdings Debtors and the EFH Shared Services Debtors emerged from chapter 11 on October 3, 2016.
BankruptcyData notes, “Among other things, the Plan provides for NextEra Energy’s purchase of the Debtor’s 80% stake of the 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.”
BankruptcyData’s Plan Summary continues, “Holders of Allowed Class B5 and Class B6 Claims will receive their pro rata share of the EFIH Unsecured Creditor Recovery Pool (which generally consists of the Reorganized EFH Class B Common Stock, which shall, on the EFH Effective Date, convert to the right to receive the NextEra Class B Common Stock, and certain Cash). The EFIH Unsecured Notes Claim are Allowed in an amount equal to the sum of the principal amount outstanding in the amount of $1,568,249,000; accrued but unpaid prepetition interest in the amount of $81,115,347; accrued postpetition interest on the principal amount outstanding as of the Petition Date at the Federal Judgment Rate; and the amount of any other Claims (but in any case excluding any Makewhole Claims) under the EFIH Unsecured Notes or EFIH unsecured Note Indentures, if and to the extent such Claims are Allowed, whether Allowed before, on, or after the EFH Effective Date and the Charging Lien Advance.”
BankruptcyData subscribers receive access to the full summary, which provides further details on corporate background, events leading to Energy Future Holdings’ April 29, 2014 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.
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