Energy Future Holdings has enough money to pay its debts for at least the next year, but lawyers and bankers are betting a big chunk of the Texas power company will file for bankruptcy, and are already trying to line up clients to represent in any restructuring.Energy Future - formerly TXU - set the wheels in motion last week when it tapped restructuring advisers from law firm Kirkland & Ellis and financial advisers Evercore Partners and the Blackstone Group.The hiring of advisers came just months before the company, which was taken private in 2007 in the largest leveraged buyout, has to start making payments on some of the $52 billion of debt it had as of the end of September.Now, creditors have begun to organize themselves for a restructuring and a plethora of large law firms, including Cadwalader Wickersham & Taft, Brown Rudnick, Otterbourg Steindler Houston & Rosen, and White & Case, are involved or making pitches to represent creditor groups, people close to the matter said.
The Blackstone Group L.P. (Blackstone) is a United States-based company that is a manager of private capital and provider of financial advisory services. Shares of BX remained unchanged at $18.58. In the past year, the shares have traded as low as $11.13 and as high as $19.25. On average, 4758920 shares of BX exchange hands on a given day and today's volume is recorded at 0.
Evercore Partners Inc. is an independent investment banking advisory firm. Shares of EVR remained unchanged at $40.15. In the past year, the shares have traded as low as $20.57 and as high as $40.71. On average, 325589 shares of EVR exchange hands on a given day and today's volume is recorded at 0.
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