Energy Future Holdings

Information About Our Financial Restructuring

With the support of our key financial stakeholders, we've reached agreement on the terms of a financial restructuring plan to reduce our debt and create a sustainable capital structure to better support our high-performing operations. To implement this plan, we commenced a pre-arranged reorganization under Chapter 11 of the U.S. Bankruptcy Code on April 29, 2014. The filing includes Energy Future Holdings and certain of its subsidiaries, including TCEH (the holding company for our competitive businesses, including Luminant and TXU Energy) and EFIH (the holding company for our regulated business). Oncor is not a part of the Chapter 11 filing.

Chapter 11 is intended to permit a company to continue normal business operations while it reorganizes its balance sheet. It will give us the opportunity to reduce our debt, lower our annual cash interest costs and access significant additional capital as we position the company for the future.

We have obtained significant commitments from a group of lenders for new capital, called debtor-in-possession (DIP) financing, which reflects their high level of confidence in our business. Subject to Court approval, these financial resources will be made available to us to, among other things, help support our normal business operations during the Chapter 11 process.

Our operations are high-performing. This process is focused on restructuring our balance sheet, not on restructuring our operations. Importantly, we fully expect that normal day-to-day operations will continue during the reorganization, including:

  • Wages and benefits for employees, with full protection under U.S. federal law for qualified retirement plans — both defined-benefit pension and 401(k) savings plans.
  • Qualified retirement plan payments and medical benefits for retirees.
  • Excellent customer service while honoring all retail customer agreements and actively competing in the marketplace.
  • Compliance with all regulatory obligations.
  • Payment to vendors and suppliers in the normal manner for all goods and services provided after the date of the Chapter 11 filing.
  • Commitment to sustainable business practices, from a community partner whose family of companies has a 130-year history in Texas.

With a stronger financial foundation, we expect our company to be in an even better position over the long term to deliver for all of our stakeholders, including our customers, our employees, and our business partners.

Media Resources

07.21.2014
Energy Future Intermediate Holding Company LLC and EFIH Finance Inc. Announce Extension of Expiration Date for Second Lien Settlement [PDF]

07.14.2014
Energy Future Intermediate Holding Company LLC and EFIH Finance Inc. Announce Extension of Expiration Date for Second Lien Settlement [PDF]

07.07.2014
Energy Future Intermediate Holding Company LLC and EFIH Finance Inc. Announce Extension of Expiration Date for Second Lien Settlement [PDF]

06.11.2014
Energy Future Intermediate Holding Company LLC and EFIH Finance Inc. Announce Extension of Expiration Date for First Lien Settlement [PDF]

06.09.2014
EFIH Announces Bankruptcy Court Approval of First Lien Notes Settlement and First Lien DIP Facility, Extension of Expiration Date and Waiver of Condition [PDF]

06.09.2014
Energy Future Intermediate Holding Company LLC and EFIH Finance Inc. Announce Amendment to Certain Terms of Second Lien Notes Settlement [PDF]

05.27.2014
Energy Future Intermediate Holding Company LLC and EFIH Finance Inc. Announce Extension of Early Participation Date and Expiration Date and Availability of Withdrawal Rights in Cash Tender Offer for Second Lien Notes in Connection with Second Lien Notes Settlement [PDF]

05.20.2014
Energy Future Intermediate Holding Company LLC and EFIH Finance Inc. Announce Extension of Early Participation Date in Cash Tender Offer for Second Lien Notes in Connection with Second Lien Notes Settlement [PDF]

05.09.2014
Energy Future Intermediate Holding Company LLC and EFIH Finance Inc. Commence Cash Tender Offer for Second Lien Notes in Connection with Second Lien Notes Settlement [PDF]

05.07.2014
Energy Future Intermediate Holding Company LLC and EFIH Finance Inc. Commence Offer for First Lien Notes Settlement [PDF]

05.02.2014
EFH Receives Court Approval Of First Day Motions, Supporting Continuation Of Normal Operations [PDF]

04.29.2014
EFH Reaches Restructuring Agreement to Address Balance Sheet and Create Sustainable Capital Structure [PDF]

Additional Resources

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