's bankruptcy plan, Apollo Global Management LLC and other pre-petition first-lien lenders will take ownership of Tex Energy.
Representative engagements include Delaware bankruptcy and conflicts counsel to TCEH
Creditors' Committee in Energy Futures Holdings Corp., counsel to chapter 11 debtors in Airborne Media Group, Global Aviation, Coach America, Marinas International, and Indianapolis Downs (special litigation counsel), as well as counsel to the Creditors' Committee in Standard Register, Allied Nevada Gold, Simplexity, Revel Casino, Open Range Communications, Saab Cars North America, Ultimate Escapes, and Crossroads Wireless, as well as the Student Committee in Corinthian Colleges.
EFH and its wholly-owned subsidiaries including: EFIH, EFCH, and TCEH.
and TCEH reflects the likely recovery prospects for those defaulted debt
Upon receipt of that approval, Luminant, TXU Energy and EFH Business Services, which will collectively be known as Reorganized TCEH
in the short-term, can then emerge soon thereafter.
The deal left the company saddled with about $44 billion of debt, about $32 billion of which was supported by TCEH's retail energy business (which includes a fleet of coal, natural gas and nuclear power plants all located in Texas), with the remainder being supported by Oncor.
Through an arduous process of internal negotiations between and among the TCEH unsecured noteholder group represented by White & Case, followed by mediated negotiations with the other TCEH creditor groups and the company (including its now-separately-represented independent directors), a modified version of the Lauria plan was adopted and filed by the Company in August of this year.
The court also granted interim approval for the company to access $2.33 billion of its new $4.475 billion in debtor-in-possession (or "DIP") financing for Texas Competitive Electric Holdings Company LLC (TCEH