Energy Future Holdings Corp, Texas's biggest power company that filed for bankruptcy on Tuesday, received court approval on Friday for its generating business to borrow more than $2 billion. The company, formerly known as TXU Corp, reduced the originally proposed $2.7 billion loan to its TCEH generating business by more than $300 million after overnight talks with lower-ranking creditors who said the borrowing was excessive.TCEH, or Texas Competitive Electric Holdings Co, needed money to pay employees and suppliers and meet regulatory requirements. The business owns Luminant generating plants and the TXU Retail power company.Energy Future filed one of the largest Chapter 11 bankruptcies in U.S. history after a year of struggling to work out a deal with its creditors. The company said it plans to exit bankruptcy in a year.It was the target of a record $45 billion takeover in 2007 that loaded it with debt just as electricity prices began to fall. The deal was led by KKR & Co LP, TPG Capital Management LP and the private equity unit of Goldman Sachs Group Inc.
The Goldman Sachs Group, Inc. (Goldman Sachs), is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Shares of GS fell by 0.65% or $-1.05/share to $159.32. In the past year, the shares have traded as low as $140.39 and as high as $181.13. On average, 3556460 shares of GS exchange hands on a given day and today's volume is recorded at 991232.
Source
