Energy Future Holdings filed with the U.S. Bankruptcy Court a Third Amended Joint Plan of Reorganization.
According to documents filed with the Court, “The TCEH Debtors shall be separated from the EFH Debtors pursuant to either the Spin-Off or the Taxable Separation; provided that the Tax Matters Agreement, the Transition Services Agreement, the Amended and Restated Split Participant Agreement, and the Separation Agreement must be in full force and effect and, in each case, be in form and substance acceptable to the Plan Sponsor. If (a) the Spin-Off Conditions are satisfied on or before the Spin-Off Conditions Termination Date and (b) the Spin-Off Conditions remain satisfied as of the TCEH Effective Date, then the TCEH Debtors will effectuate the Spin-Off on the TCEH Effective Date. In all other circumstances, the TCEH Debtors will effectuate the Taxable Separation on the TCEH Effective Date….As for Class C4 Claims, (i) the TCEH First Lien Deficiency Claims are Allowed in the amount of $13.2 billion; (ii) the TCEH Second Lien Note Claims are Allowed in the amount of $1,648,597,521; (iii) the TCEH Unsecured Note Claims are Allowed in the amount of $5,125,775,323; and (iv) the PCRB Claims are Allowed in the Amount of $881,496,233.” Subsequently, the TCEH Debtors and the EFH Shared Services Debtors, collectively, the “T-Side Debtors”, filed with the Court a Second Amended Plan Supplement, which contains the following documents: Exhibit B: list of executory contracts and unexpired leases to be assumed by reorganized TCEH Debtors on the TCEH effective date and redline against August 3 plan supplement; Exhibit C: list of executory contracts and unexpired leases to be rejected by reorganized TCEH Debtors on the TCEH effective date and redline against August 3 plan supplement and Exhibit L: spin-off tax receivable agreement and redline against August 11 plan supplement and spin-off tax receivable information form and redline against August 11 plan supplement.
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