March 26 Texas power generator Energy Future
Holdings Corp is in last-minute talks with creditors
to reach a debt-restructuring deal and may consider delaying the
filing of its annual report, two sources told Reuters.
Energy Future (EFH), expected to file its annual report in
early April, may try to buy time to negotiate by delaying the
filing, which could contain a "going concern" clause and trigger
a default on its loans.
Reuters reported earlier this month that people close to the
case expect the company to file for Chapter 11 as soon as this
month to avoid the default.
EFH, formerly TXU Corp, was the largest generator in Texas
before a $45 billion buyout in 2007.
The largest-ever leveraged buyout, by a consortium that
included private equity firms KKR & Co, TPG Capital
Management LP and a unit of Goldman Sachs Group Inc
, saddled the company with more than $40 billion in debt
just before a sharp decline in natural gas and wholesale power
The company operates the biggest transmission and
distribution network in Texas.
(Reporting by Avik Das in Bangalore and Nick Brown in New York;
Editing by Don Sebastian)