Sancho Panza Posted April 29, 2014 Share Posted April 29, 2014 Bloomberg 28/4/14 'Energy Future Holdings Corp., the Texas power company Henry Kravis and David Bonderman took private in 2007 in the biggest-ever leveraged buyout, filed for bankruptcy after reaching a deal to cut billions in debt. The company has about 9,100 employees, most of whom work in three main businesses: electricity generation, retail electricity sales, where they face competition, and the rate-regulated transmission and distribution business, according to a filing. About $31 billion of its funded debt was issued by the generation business and its affiliates and $7.7 billion by the entity that owns Oncor. Today’s petition listed assets of $36.4 billion and debt of of $49.7 billion. The bankruptcy ranks with Enron Corp.’s $48.9 billion collapse in 2001. Billionaire Warren Buffett called his $2 billion investment in Energy Future bonds “a big mistake.” Texas’s largest electricity provider traces its roots to a business that first powered electric lights in Dallas in 1882. The 2007 going-private deal, coming at the peak of a three-year boom in leveraged buyouts, turned into a big loss for Kravis’s KKR & Co. (KKR), as well as Bonderman’s TPG Capital and Lloyd Blankfein’s Goldman Sachs Capital Partners, which loaded the company with debt. Quote Link to comment Share on other sites More sharing options...
The Preacherman Posted April 29, 2014 Share Posted April 29, 2014 You think that the banks have have taken a hair cut on this this. They won't have. They will already have taken billions in fees and interest. Quote Link to comment Share on other sites More sharing options...
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