Wednesday, 3 September 2014
Last updated 13 hours ago
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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
The twin debacles of MF Global and PFG have damaged the reputation of the futures industry demanding an examination of customer protection rules. New rules are being implemented, which will add cost a...