Reuters: Bankruptcy News: Energy Future signs agreements with creditors on the way to bankruptcy

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Energy Future signs agreements with creditors on the way to bankruptcy Oct 15th 2013, 13:53 Tue Oct 15, 2013 9:53am EDT Oct 15 (Reuters) - Texas power company Energy Future Holdings (EFH), partly owned by KKR & Co, moved closer to a prepackaged bankruptcy plan with the signing of confidentiality agreements with its creditors as it looks to restructure its $40 billion debt. EFH, formerly TXU Corp, was taken private by KKR, TPG Capital Management and Goldman Sachs' private equity arm in 2007 for $45 billion in the largest ever leveraged buyout. EFH and subsidiaries shared with the creditors non-public information, including financial information, but have not reached an agreement on any change in the company's capital structure, EFH said in a regulatory filing. The company wants to finalize a restructuring plan before Nov. 1, when $250 million bond payments are due. Filing for bankruptcy before Nov. 1 would suspend the payments but filing without a restructuring plan could entail years of battles and competing restructuring plans in a bankruptcy court. A "significant" creditor proposed a pre-negotiated restructuring of the company's regulated subsidiary Energy Future Competitive Holdings Co's nearly $32.2 billion debt, EFH said in the filing. The proposal includes EFH's $650 million debt and unit Energy Future Intermediate Holding Co's $7.6 billion debt.

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