DALLAS (CBSDFW.COM) — The parent company for TXU Energy and Oncor has filed for Chapter 11 bankruptcy protection, the company announced on Tuesday.
Energy Future Holdings (EFH) says the agreement was reached with several financial stakeholders “to reduce its approximately $40 billion of debt, lower its annual cash interest costs, access significant additional capital and create a sustainable capital structure for the future.”
Oncor is not part of the Chapter 11 filing.
EFH is a Dallas-based holding company which owns TXU, Oncor, and Luminant.
TXU Energy currently serves more than 1.7 million customers in Texas. Luminant has approximately 15,400 MW of generation in Texas and is one of the largest purchasers of wind-generated electricity in Texas.
Oncor operates the largest electricity distribution and transmission system in Texas with more than 3.2 million delivery points and 119,000 miles of distribution and transmission lines.
The company does not expect the day-to-day operations to change during the reorganization.
“We fully expect to continue normal business operations during the reorganization,” said John Young, president and chief executive officer of EFH. “As always, Luminant will continue to provide safe, reliable energy and TXU Energy will continue to provide best-in-class customer service and innovative energy solutions. We will maintain our commitment to operational excellence in a competitive energy market.”
(©2014 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
- Tarrant County Sheriff’s Race To Be Decided In Runoff
- Arlington City Council To Hold Vote On New Stadium Tuesday
- Sanders: Democratic Convention Could Be ‘Messy’
- US Appeals Court Revisits Texas Voter ID Law
- Legal Cases Could Affect How Texans Cast Ballots In November
- PHOTOS: Your Pet Pictures