Energy Future Holdings $40 billion Chapter 11 debt restructuring

Overview:

• Energy Future Holdings filed for Chapter 11 bankruptcy in April 2014 with $40 billion in debt. 
• Oaktree Capital Management held $2.9 billion of first lien debt.
• Delaware Trust Company acted as the indenture trustee for TXU’s first lien notes during a litigation proceeding.   
• TXU Energy is a subsidiary of TECH Corp (Texas Competitive Electric Holdings), which is a subsidiary of Energy Future Holdings. 
• Morgan Stanley Capital Group acted as first-lien swap counterparty and an intervenor-defendant for the litigation proceeding.
• In October 2016, TCEH Corp, along with TECH subsidiaries Luminant and TXU Energy, emerged from Chapter 11 bankruptcy through a tax-free spin-off.
• Anchorage Capital Group, Arrowgrass Capital Partners, BlackRock, Centerbridge Partners, Cyrus Capital Partners, Deutsche Bank, GSO Capital Partners, Balyasny Asset Management, BHR Capital, Taconic Capital Advisors and CQS acted as unsecured noteholders of Tech. 

Rani Mehta - Journalist