Energy Future Holdings Debtor affiliate Texas Competitive Electric Holdings Company (TCEH), together with its direct parent company, Energy Future Competitive Holdings Company (EFCH) and certain of TCEH’s direct and indirect subsidiaries filed with the U.S. Bankruptcy Court a motion for entry of an order determining the maximum value for distribution purposes only of the asbestos bodily injury claims filed against the TCEH Debtors.
The motion explains, “In connection with the Asbestos Bar Date, claimants filed approximately 32,000 Asbestos Proofs of Claim. Based on the Debtors’ and their advisors’ preliminary analysis of the Asbestos Proofs of Claim, the Debtors have preliminarily identified approximately 5,000 Asbestos Proofs of Claim asserted against the TCEH Debtors (the ‘TCEH Asbestos Claims’)….As noted in Exhibit F to the TCEH Disclosure Statement, the Debtors anticipate that the aggregate liability of the Class C5 Claims will be approximately $145,000,000….The TCEH Debtors believe that $17.2 million is a reasonable representation of the nominal maximum aggregate value of the TCEH Asbestos Claims, solely for purposes of calculating distributions to Holders of Allowed Class C4 and C5 Claims.”
The motion continues, “After a thorough review of the TCEH Debtors’ claims history and these chapter 11 cases, Dr. Vasquez has identified a reasonable estimate of the aggregate maximum potential value of the TCEH Asbestos Claims. In the Summary Ankura Report, Dr. Vasquez examined the prepetition asbestos bodily injury claims filed against the TCEH Debtors, including settled claims, claims dismissed with zero settlement payment, and the handful of asbestos claims filed against the TCEH Debtors that were pending at the Petition Date.”
The Court scheduled an October 21, 2016 hearing to consider the motion, with objections due by October 6, 2016. Read more EFH bankruptcy news.
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