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Texas' largest power company files for , former TXU

Energy Future Holdings, Texas' largest power company, filed bankruptcy on April 29, 2014.


Excerpt from article: (Reuters) - Energy Future Holdings, the biggest power company in Texas, filed for bankruptcy protection on Tuesday, seven years after a massive leveraged buyout saddled it with debt just before the U.S. natural gas boom slashed prices for electricity.


The former TXU Corp owes $49.7 billion, mainly to hedge funds and investment firms, and its more than $36.4 billion in assets make it nearly tied for the 10th largest Chapter 11 filing ever.


ERCOT, the Texas grid operator, and the Texas Public Utility Commission sought to assure retail customers the bankruptcy would not hurt power availability.


Article can be read here:

http://www.reuters.com/article/2014/04/29/us-energyfuture-bankruptcy-idUSBREA3S0CP20140429