May 26, 2016 5:06 AM ET

Electric Utilities

Company Overview of Texas Competitive Electric Holdings Company LLC

Company Overview

Texas Competitive Electric Holdings Company LLC, together with its subsidiaries, engages in the generation, retail sale, and wholesale of electricity to residential and business customers in Texas. It also engages in development and construction of generation facilities, as well as the commodity risk management and trading activities. The company is based in Dallas, Texas. Texas Competitive Electric Holdings Company LLC operates as a subsidiary of Energy Future Competitive Holdings Company LLC. On April 29, 2014, Texas Competitive Electric Holdings Company LLC filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware.

1601 Bryan Street

Dallas, TX 75201-3411

United States

Phone:

214-812-4600

Key Executives for Texas Competitive Electric Holdings Company LLC

Chairman of the Board, Chief Executive Officer, President, Chief Executive Officer of EFH Corp, President of EFH Corp and Director of EFH Corp
Age: 59
Chief Financial Officer and Executive Vice President
Age: 61
Chief Executive of Luminant and President of Luminant
Age: 47
Chairman of TXU Energy and Chief Executive Officer of TXU Energy
Age: 47
President - Txu Generation
Age: 72
Compensation as of Fiscal Year 2015.

Texas Competitive Electric Holdings Company LLC Key Developments

Amended Reorganization Plan & Disclosure Statement Filed by Energy Future Holdings Corp.

Energy Future Holdings Corp., along with its affiliates, filed an amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on May 10, 2016. As per the amended plan filed, administrative claims of $4.17 billion and tax claims of $1.90 billion shall be paid in full in cash. EFH Unexchanged Note claims, EFH Non-Qualified Benefit claims, and general unsecured claims against EFH Corp. shall receive their pro rata share of creditor recovery pool and if the class constitutes beneficiary claim, their pro rata share of up to $5.8 million, $30 million and $2 million, respectively, of TCEH Settlement Claim Turnover Distributions. TCEH Unsecured Debt claims of $7.68 billion shall receive its pro rata share of the TCEH cash payment. The amendment comprises of two potential restructurings for the TCEH Debtors: if the Spin-Off Condition is satisfied, the stock of Reorganized TCEH, New Reorganized TCEH Debt, Spin-Off Preferred Stock Sale, the Spin-Off TRA Rights and the proceeds of the TCEH Settlement Claim will be distributed to holders of TCEH First Lien Claims. If the Spin-Off Condition is not satisfied, then the assets of the TCEH Debtors will be transferred to Reorganized TCEH in a transaction intended to qualify as a taxable sale. New Reorganized EFIH Debt of $4.7 billion will be issued to fund plan payments. No other changes were made in claim treatment.

Reorganization Plan & Related Disclosure Statement Filed by Energy Future Holdings Corp.

Energy Future Holdings Corp. filed joint plan of reorganization and related disclosure statement in the US Bankruptcy Court on May 1, 2016. As per the plan filed, TCEH DIP claims, EFIH first lien DIP Claims, administrative claims and priority tax claims shall be paid full in cash. Other secured claims and other priority claims shall receive payment full in cash. Legacy general unsecured claims shall receive either payment full in cash or reinstatement of claim. EFH legacy note claims, EFH LBO note primary claims and EFH swap claims shall either receive payment full in cash or pro-rata share of EFH creditor recovery pool. EFH unexchanged note claims and EFH non-qualified benefit claims shall receive payment full in cash. General unsecured claims against EFH Corp., general unsecured claims against EFH debtors other than EFH Corp. shall receive payment full in cash. Tex-La guaranty claims shall receive treatment as allowed other secured claims against TCEH debtors. TCEH settlement claims shall receive its pro-rata share of EFH creditor recovery pool. EFH intercompany claims shall be, at the option of EFH debtors, either reinstated or canceled and relesed without any distribution. Non-EFH debtor intercompany claims shall be canceled and released without any distribution. Interests in EFH debtors other than EFH Corp. shall be reinstated or canceled. Interests in EFH Corp. shall be canceled and relesed without any distribution. Other secured claims against EFIH debtors and other secured claims against TCEH debtors shall either be paid full in cash or reinstate the claim. EFIH first lien note claims shall receive payment full in cash. EFIH second lien note claims shall receive payment full in cash or pro-rata share of 61.3% of reorganized EFH common stock. EFH LBO note guaranty claims shall receive payment full in cash or pro-rata share of 32.5% of reorganized EFH common stock. General unsecured claims against EFIH shall receive either payment full in cash or pro-rata share of 32.5% of reorganized EFH common stock. EFIH intercompany claims shall either be reinstated or canceled and released without any distribution. Non-EFIH intercompany claims and interests in EFIH Finance shall be canceled and relased without distribution. Interests in EFIH shall receive its pro-rata share of 100% of reorganized EFIH membership interests. TCEH first lien secured claims shall receive 100% of reorganized TCEH common stock and 100% of TCEH debtor's cash on hand and net cash proceeds from issuance of new reorganized TCEH debt and spin-off preferred stock sale, if spin-off condition is satisfied, otherwise, 100% of TCEH debtor's cash on hand and net cash proceeds from issunace of new reorganized TCEH debt. TCEH unsecured debt claims and general unsecured claims against TCEH debtors other than EFCH shall receive its pro-rata share of TCEH cash payment. General unsecured claims against EFCH, non-TCEH debtor intercompany claims and interests in TCEH and EFCH shall be canceled and released without any distribution. TCEH debtor intercompnay claims and TCEH debtors other than TCEH and EFCH shall either be reinstated or canceled without any distribution. TCEH debtors' shall get separated from EFH debtors through spin-off. The plan will be funded through available cash in hand, rights offering, new reorganized EFIH debt and new reorganized TCEH debt. EFH Corp. and EFIH will implement IPO conversion plan for Oncor. Reorganized TCEH shall be authorized to issue 450 million shares upon emergence. On the effective date debtor has been authorized to issue new EFH common stock and EFIH membership interests.

DIP Maturity Date Extended for Energy Future Holdings Corp.

Energy Future Holdings Corp. filed a notice amending the terms of the DIP financing agreement on January 14, 2016. As per the notice filed, the maturity date of EFIH first lien DIP agreement has been extended to December 19, 2016. There shall be no other changes in the DIP agreement.

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