Energy Future Holdings rejected an unsolicited $2.3 billion restructuring plan by NextEra Energy Inc that would have given the alternative energy group a large stake in Energy Future's power lines unit, according to court filings.The proposal, which was revealed in court filings late Monday, was developed by NextEra and a group of investors that hold second-lien notes issued by Energy Future's EFIH unit, which in turn controls the Oncor power distribution business.EFIH, or Energy Future Intermediate Holding, rejected the proposal in favor of a plan already advanced by a group of investors who hold the unit's unsecured bonds, according to filings with the U.S. Bankruptcy Court in Wilmington, Delaware.Both proposals take the form of a loan to refinance EFIH's high-yielding second-lien notes, which would cut interest costs. Rather than repay the loan, when EFIH emerges from bankruptcy the financing would convert into an equity stake of a little more than 60 percent of the company.
NextEra Energy, Inc. (NEE) is an electric power company. Shares of NEE traded higher by 1.1% or $1.1/share to $100.73. In the past year, the shares have traded as low as $77.21 and as high as $101.50. On average, 2089510 shares of NEE exchange hands on a given day and today's volume is recorded at 2081303.
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