Energy Future Scraps Refinancing Plan in SEC FilingLinda Sandler and Steven Church
Bankrupt Energy Future Holdings Corp. ditched a refinancing plan that would have paid select creditors including Fidelity Investments hundreds of millions of dollars, leaving almost nothing for some lenders.
The Texas power company announced the end of its restructuring pact in a filing with the Securities and Exchange Commission today. Eight groups of lenders had protested against the pact after the company rejected a loan offer from a group including Morgan Stanley and NextEra Energy Inc. The loan offer included a takeover of Energy Future’s electricity company Oncor and a rival restructuring plan that would benefit different groups of creditors.