Energy Future Holdings filed for Chapter 11 bankruptcy Tuesday, a culmination of months of negotiations to speed up a restructuring of the Dallas-based power provider’s massive debt of more than $40 billion by parceling out pieces of EFH’s business.
According to a report in the Wall Street Journal, Energy Future Holdings has presented a plan that would swap Texas Competitive Electric Holdings to get $25 billion worth of debt forgiven.
Energy Future Holdings skipped $100 million in debt payments coming due this week, setting up the bankruptcy filing.
Read the full story at the Dallas Business Journal.
