Energy Future Holdings (EFH) and NextEra Energy filed with the U.S. Bankruptcy Court separate amended proposed confirmation orders and modifications.
The filing notes, “Pursuant to Section RR. of the Proposed Confirmation Order, the EFH/EFIH Debtors are proposing to establish a reserve (in the amount of $275 million (as defined and described in the Proposed Confirmation Order, the ‘NEE Plan Reserve’)).”
In addition, “The EFH Plan Administrator Board shall fund a segregated escrow account maintained at Citibank, N.A.; (the ‘NEE-Plan-Reserve’), with the requisite form of escrow agreement to be negotiated in good faith between NEE, the EFH/EFIH Debtors, and the Supporting Creditors, in the amount of $275,000,000 (the ‘NEE Plan Reserve Amount’) within ten business days following the later of: (a) the EFH Effective Date, and (b) entry of an order by the Bankruptcy Court allocating the funding of the NEE Plan Reserve Amount as between EFH Corp. and EFIH (the ‘NEE Allocation Order’); provided, however, that under no circumstances shall EFH Corp.’s ultimate share of the NEE Plan Reserve Amount include the Cash available at EFH Corp. as of the EFH Effective Date necessary to satisfy all Allowed General Administrative Claims against the EFH Debtors and Allowed Priority Claims against the EFH Debtors, in full, in Cash; provided, further, that notwithstanding the foregoing, in no event shall the EFH Plan Administrator Board fund the NEE Plan Reserve in an amount less than $275,000,000.”
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