Friday, 22 May 2015
Last updated 9 hours ago
Feb 28 2011 | 10:27am ET
A Texas energy company owned by a pair of private equity giants is angrily denying allegations leveled by a hedge fund that it is in default on nearly $24 billion in loans.
Energy Future Holdings disclosed the accusation by Aurelius Capital Management in a regulatory filing last week. The company, known as TXU Corp. prior to its $45 billion buyout by KKR & Co. and TPG Capital, called that claim "utterly meritless."
Still, Citigroup, which is the administrator of the $23.9 billion in loans, will begin talks with the lenders to Energy Future subsidiary Texas Competitive Electric Holdings. Aurelius is among the largest TCEH creditors and stands to profit handsomely if the company is pushed into a restructuring.
But EFH said they would "defend ourselves vigorously against these allegations." According to the company, Aurelius is the only creditor alleging default.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…