Bloomberg reported Energy Future Holdings Corp. won U.S. bankruptcy court approval of a $5.4 billion loan it plans to use to repay senior creditors of its regulated electricity-transmission unit.
The Bloomberg article notes that U.S. Bankruptcy Judge Christopher Sontchi approved the loan as well as a related settlement offered to senior creditors, overruling the lone objection.
Energy Future, which was taken private seven years ago in a record $48 billion leveraged buyout, sought court protection April 29, listing $49.7 billion in liabilities. The Texas company has proposed splitting itself into regulated and deregulated units.
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