RLPC-Energy Future Holdings lining up $9 bln bankruptcy financing
LONDON, March 27
LONDON, March 27 (Reuters) - Embattled utility Energy Future Holdings is lining up around $9 billion of bankruptcy loans before an imminent bankruptcy filing, sources involved in the matter said on Thursday.
The $9 billion Debtor-In-Possession (DIP) loan is in the final stages of negotiation, the sources said. Credit agreements have yet to be signed, but the deal is expected to be the largest-ever privately funded bankruptcy financing, according to Thomson Reuters LPC data.
Energy Future holdings, formerly known as TXU, was taken private in October 2007 in the largest leveraged buyout ever, and has struggled to manage its debt of more than $40 billion ever since. (Editing by Tessa Walsh in London and Michelle Sierra in New York)
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