Texas’s biggest power company, the bankrupt Energy Future Holdings, soon will present plans to auction its majority stake in its Oncor power distribution unit, a business that could be worth $20 billion or more including debt.
Energy Future Holdings, the largest power company in Texas, asked a judge to extend the period in which it controls its Chapter 11 bankruptcy and said it is scrapping its original debt-cutting plan in favor of an auction of its Oncor unit.
Kinaxis Inc trimmed the expected offer price of its initial public offering on June 3, in a sign that market demand for the Canadian software company’s equity issue may not be as hot as originally expected.
Texas’ largest power company, the bankrupt Energy Future Holdings Corp, was sued by a representative for noteholders who said they are owed $665 million in return for refinancing their securities, a key part of the company’s bankruptcy plan.
Leading Texas power company Energy Future Holdings is expected to file for bankruptcy as early as Monday evening, sources close to the situation said on Friday, as it struggles to pay its hefty debt load of more than $40 billion because of cheap electricity prices.