KKR-, TPG-Backed Energy Co. Files For Bankruptcy

Apr 29 2014 | 12:49pm ET

One of the biggest private-equity deals in history has become one of the biggest bankruptcies of all time.

Energy Future Holdings today filed for Chapter 11 bankruptcy, citing a debt load of more than $49 billion against assets of $36.45 billion. The Dallas-based company was set to miss more than $100 million in debt payments this week.

The move comes seven years after Kohlberg Kravis Roberts, Texas Pacific Group and Goldman Sachs took EFH, then known as TXU Corp., private in a $32 billion buyout. The deal soured when natural gas prices hit the skids, and the three have since written off most of their investments.

EFH plans to hand over its Texas Competitive Electric Holdings unit in exchange for lenders forgiving about half of its debt. TCEH sells power on wholesale markets. The company has been in talks with creditors for months.


In Depth

Q&A: Filippo Pignatti Morano On The Ultimate Alternative Investment...Classic Cars

Jan 29 2015 | 12:37pm ET

In 2011, Filippo Pignatti Morano launched a fund to invest in classic cars. FINalternatives...

Lifestyle

Looking For A Hedge Fund Manager? Try Davos

Jan 28 2015 | 8:48am ET

Davos, Switzerland seems to have become the hedge fund capital of the world—at...

Guest Contributor

Five Tips For Successfully Marketing Your Hedge Fund

Jan 30 2015 | 9:14am ET

When it comes to the hedge fund industry, the notion of “build it and it will...

 

Editor's Note