Power Broker Energy Futures Holdings Proposes Bankruptcy Plan

Energy Future Holdings Corp. has reached a tentative agreement to file a pre-packaged bankruptcy plan, according to a report from Bloomberg News. Sources say the power producer, which was the target of a private sale six years ago that led to the largest leveraged buyout in American history, is particularly concerned with the $32 billion debt of its subsidiary, Texas Competitive Electric Holdings. Texas Competitive’s massive debt is one of the primary reasons for its parent's decision to file for bankruptcy, according to sources. If all goes to plan, Energy Future will send Texas Competitive, which sells energy to wholesale markets, and a few other units into Chapter 11 bankruptcy. read more at: http://www.totalbankruptcy.com/bankruptcy-news/bankruptcy-help/energy-futures-holdings-800935442.aspx