Excerpts: Energy Future Owners KKR, TPG Investments Almost Erased
- Energy Future Holdings Corp. owners KKR & Co., TPG Capital and Goldman Sachs Capital Partners, which took the company private seven years ago in a record leveraged buyout, will have their investments almost erased under a proposed bankruptcy reorganization plan.
- Apollo Global Management LLC, Oaktree Capital Group LLC, Centerbridge Capital Partners LP and Angelo Gordon & Co., who lead holders of secured loans at the company’s deregulated power unit, Texas Competitive Electric Holdings, will get all the equity in that subsidiary when it’s separated in a planned tax-free deal, according to a preliminary agreement filed yesterday in U.S. Bankruptcy Court in Wilmington, Delaware.
Source: Bloomberg