Energy Future makes debt payment, files earnings
Energy Future Holdings said Friday it made a scheduled $270 million debt payment that was a subject of intense interest as the Dallas-based electricity giant flirts with bankruptcy. In a memo to employees that EFH released this morning, the company says "no agreement has been reached" with creditors, but adds that "we'll keep an open line with the creditors for future discussions. There are several ways for us to address the debt issue and, despite media speculation, we have not yet determined which path to follow. Normal operations continue at the company."
Also Friday, EFH filed its third-quarter earnings, showing a slim $5 million net profit thanks to $114 million from its 80 percent share of the earnings by Oncor Electric Delivery and a $100 million tax benefit. EFH showed $1.9 billion in revenue, up from $1.75 billion in the same period a year earlier. The company finished the quarter with $1.8 billion in cash and equivalents and $38 billion in long-term debt. EFH was created with the 2007 buyout of TXU Corp. in a $45 billion deal. It has struggled to repay those borrowings as Texas electricity prices have fallen
-- Jim Fuquay