On Wednesday (August 17th), Energy Future Holdings Corporation “urged a U.S. bankruptcy court on Wednesday to allow the bulk of its operations to exit Chapter 11, in the largest U.S. bankruptcy since the financial crisis.” Their counsel stated that it was time to confirm a plan to emerge out of Chapter 11.
You can read Reuter’s article here.
The Texas Observer also had an interesting article about Energy Future Holdings and the coal industry. Here is a snippet: “With little more than a promise, the Texas Railroad Commission is trusting a struggling coal industry to pay for the cost of cleaning up old mines. In mid-2014, Texas’ biggest utility, Energy Future Holdings, was about to file for bankruptcy, and Texas regulators suddenly had a big problem on their hands. Since at least the 1990s, the regulators had allowed Luminant, a subsidiary of Energy Future, to effectively issue an IOU for the $1.1 billion cost of cleaning up its coal mining operations in Central and East Texas. They had permitted Luminant to “self-bond,” which is essentially just a promise to pay…”
You can read the rest of the article here.
Past Posts on Energy Future Holdings:
Energy Future Holdings Bankruptcy Preparations (Sept. 20, 2013)
NextEra Outbids Rivals for Controlling Stake of Oncor (Aug. 1, 2016)