Consider the impending debt restructuring at Energy Future Holdings a high stakes game of Texas hold ’em. Energy Future, the former TXU, is the Texas utility that went private in a $45bn leveraged buyout during the heady days of 2007. The private equity firms behind the transaction, led by KKR and TPG, paid a seemingly modest 8.5 times operating cash flow for a company that sold a product (electricity) that everybody needed. But the two firms did not foresee the economic crisis that would curtail power demand and then the historic boom in US natural gas production that has depressed the prices they could charge for electricity. (The 2007 TXU management plan assumed natural gas prices of about $8/Mmbtu between 2008 and 2011. Actual average price: $5/Mmbtu.) Energy Future had already modified terms on $25bn of debt. But now comes the reckoning where equity and debt holders wrangle over an altered capital structure that the company can move forward with. And, of course, who gets how much of what.
能源期货控股公司(Energy Future Holdings)将要进行的债务重组，可被想象成一盘有巨额赌注的德州扑克游戏。能源期货公司的前身是德克萨斯公共事业公司(TXU)，在2007年manbetx20客户端下载 繁荣时期，借助一笔450亿美元的杠杆收购交易实现了私有。这笔交易背后是KKR和TPG为首的私人股本公司，他们以8.5倍于营业现金流这一看似合理的价格，买下一家出售每个人都需要的产品（电力）的公司。但这两家公司没有预见到manbetx20客户端下载 危机将削弱电力需求，以及此后抑制了电价的美国在天然气开采方面的历史性繁荣。（2007年TXU的管理计划假设2008年至2011年期间天然气价格约为8美元/Mmbtu。实际均价则是5美元/Mmbtu。）能源期货公司已经修改了250亿美元债务的条款。但现在股权和债权持有者围绕该公司面向未来的资本结构变更（以及谁能分到什么、分到多少）争论不休。