(Reuters) - Energy Future Holdings lined up $11.775 billion of bankruptcy financing as part of the company’s Chapter 11 filing on Tuesday.
Subject to court approval, the bankruptcy financing, which consists of two separate debtor-in-possession (DIP) loans, would rank as the biggest ever obtained from non-government creditors.
The DIP financing consists of a $4.475 billion DIP loan at Texas Competitive Electric Holdings, the company’s merchant power generation unit, and a $7.3 billion DIP loan for Energy Future Intermediate Holdings, which owns most of Energy Future’s regulated business.
Citi and Deutsche Bank are the lead banks behind the financing at the respective entities.
Reporting by Billy Cheung in New York; Editing by Terry Wade and Chizu Nomiyama