Restructuring

Energy Future Holdings Corp. has agreed to discuss an alternative bankruptcy loan offer from a group of bondholders it’s trying to win over as it pushes ahead on a multi-front restructuring strategy.

The bankruptcy loan offer comes from the smallest and possibly least perturbed group of unhappy creditors in the Chapter 11 case, but the agreement to negotiate is a sign of progress in Energy Future’s effort to reshape its balance sheet in bankruptcy.

When Hurricane Sandy hit the northeast in late 2012, devastating parts of New York and New Jersey, many turned to local organizations asking for ways to help those that didn’t weather the storm well.

As residents up and down the East Coast came together to collect debris, rebuild homes and nail down boardwalk planks, members of the Turnaround Management Association of New York saw a group that had largely been left to fend for itself: small businesses.

Will Energy Future Holdings Corp.’s massive restructuring play out on the East Coast or in its home state of Texas? According to Texas’s attorney general, he doesn’t really care.

Senior lenders of a major Energy Future Holdings Corp. unit have moved to protect their claim to a $665 million early-payment premium, which was thrown into jeopardy when the company filed for bankruptcy protection. The Wall Street Journal has the Daily Bankruptcy Review article here.