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Bloomberg: Energy Future Delays Restructuring Court Fight to June 30

May 23, 2014, 07:36 AM
Filed Under: Bankruptcy

Bloomberg reports that Energy Future Holdings Corp., the bankrupt Texas power provider, agreed to delay until June 30 a court fight over a restructuring agreement it struck with some creditors before filing for bankruptcy.

After negotiating with creditors opposed to the accord, Energy Future agreed to move the scheduled June 5 hearing on the deal and may postpone other deadlines as well, Edward Sassower, a lawyer for the company, said at a hearing today in Wilmington, Delaware.

The company is still “committed to honoring” its time frame for winning approval of a reorganization plan, Sassower told U.S. Bankruptcy Judge Christopher Sontchi.

The Bloomberg article notes lenders Apollo Global Management and Oaktree Capital Group LLC each hold about $2.7 billion in claims on Energy Future under the creditor agreement. Centerbridge Capital Partners LP has $1.4 billion in claims while a group with about $1 billion in claims each includes King Street Capital Management LP and Fortress Credit Opportunities Advisors LLC.

To view the entire Bloomberg article, click here.

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