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EFH Bankruptcy DS Filed

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Energy Future Holdings (EFH) filed with the U.S. Bankruptcy Court a Disclosure Statement related to the First Amended Joint Plan of Reorganization for the EFH/Energy Future Intermediate Holdings (EFIH) Debtors.

According to the Disclosure Statement, “Pursuant to the Merger Agreement, on the EFH Effective Date, EFH Merger Sub shall merge with and into Reorganized EFH (the ‘EFH Merger’), with Reorganized EFH – as a wholly owned subsidiary of Power Play HoldCo, a Delaware limited liability company (‘Intermediary HoldCo’), which, in turn, will be a wholly owned subsidiary of Power Play BidCo., a Delaware limited liability company (‘New HoldCo’) – being the surviving entity resulting from the EFH Merger, on the terms and subject to the conditions of the Merger Agreement and pursuant to the Plan and the applicable provisions of Chapter 10 of the Texas Business Organizations Code and the General Corporate Law of the State of Delaware….In addition, the Merger Agreement includes a termination fee, which may become payable under certain circumstances, if the Merger Agreement is terminated and the EFH/EFIH Debtors consummate an alternative transaction.”

In addition, “Pursuant to the Plan, upon consummation of the EFH Merger, Reorganized EFH will enter into the Exit Facilities, which consist of: (a) Exit Term Loan Facility, which shall consist of a senior secured term loan facility, in an aggregate principal amount available up to $3 billion, and (b) the Exit Revolving Facility, which shall consist of a senior secured revolving loan facility with permitted borrowings up to $120 million. The EFH/EFIH Debtors may withdraw the Plan at any time until entry of the EFH Confirmation Order if the EFH/EFIH Debtors determine, based on the advice of counsel, that pursuing Confirmation or Consummation of the Plan would be inconsistent with any Debtor’s fiduciary duties.”

Read more EFH bankruptcy news.

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