The jockeying has begun for the prized asset of Energy Future Holdings Corp., which filed for bankruptcy in April with about $50 billion of debt after the largest leveraged buyout in history.
Energy Future passed on an offer over the weekend by NextEra Energy Inc. and a group of second-lien bondholders to provide a loan that might have converted into majority ownership in the company’s regulated power unit, according to two people with knowledge of the situation who asked not to be identified because the talks are private. Instead, it’s pursuing a sweetened $1.9 billion loan agreement with a different group of creditors.
Keep reading at Bloomberg BusinessWeek.