NEW YORK--(BUSINESS WIRE)--On May 17, 2017, Energy Future Holding Corp. and Energy Future Intermediate Holding Company LLC (together, “Energy Future” or the “Company”) entered into a confidentiality agreement (the “Confidentiality Agreement”) with Elliott Management Corporation and certain of its affiliated funds (together, “Elliott”). Today, the following materials are being publicly disclosed pursuant to that Confidentiality Agreement and are available for viewing at http://elliottdocs.com/energy-future.php (the “Website”).
In connection with the Company’s discussions with Elliott regarding potential restructurings and strategic alternatives, on June 4, 2017, the Company prepared and provided to Elliott and its professional advisors a presentation related to cash projections under certain potential restructuring scenarios, a copy of which is posted to the Website.
On June 24, 2017, in connection with discussions with Elliott and after the exchange of several proposals regarding the terms of a potential consensual restructuring (the “Creditor Restructuring”), the Company submitted a proposal to Elliott. A copy of that proposal made by the Company to Elliott, as well as a counterproposal made by Elliott to the Company on July 1, 2017, and a blackline showing changes proposed in the Elliott counterproposal, are posted to the Website.
In conjunction with the negotiations over terms of that potential Creditor Restructuring, a presentation was prepared regarding the debt capital needs to consummate such restructuring, a copy of which is posted to the Website. Certain information included in such presentation does not necessarily reflect the views of the Company.
On July 5, 2017, Elliott sent a letter to the boards of directors of Energy Future Holdings Corp. and Energy Future Intermediate Holding Company LLC regarding a possible change of control transaction with Berkshire Hathaway Energy Co., a copy of which is posted to the Website.
All materials on the Website are being published pursuant to the Confidentiality Agreement and for no other purpose, and none of the materials on the Website reflect any agreement with respect to any of the materials or potential transactions discussed therein. Elliott expressly disclaims any responsibility or liability for any loss howsoever arising from any use of or reliance on any of the materials or any of their contents as a whole or in part by any person, or otherwise howsoever arising in connection with the same.
Additional Information
THE MATERIALS ON THE WEBSITE ARE NOT AN OFFER WITH RESPECT TO ANY SECURITIES OR A SOLICITATION OF ACCEPTANCES OF A CHAPTER 11 PLAN WITHIN THE MEANING OF SECTION 1125 OF THE BANKRUPTCY CODE. ANY SUCH OFFER OR SOLICITATION WILL COMPLY WITH ALL APPLICABLE SECURITIES LAWS AND/OR PROVISIONS OF THE BANKRUPTCY CODE. NOTHING CONTAINED IN THE MATERIALS ON THE WEBSITE SHALL BE AN ADMISSION OF FACT OR LIABILITY OR DEEMED BINDING ON ANY OF THE PARTIES HERETO.
The materials on the Website do not purport to be complete or comprehensive.
The materials on the Website may not be relied on by any person for any purpose and are not, and should not be construed as investment, financial, legal, tax or other advice.
The materials on the Website are historical. Elliott is not under any obligation to provide any updated or additional information or to correct any inaccuracies therein.
Funds managed by Elliott currently beneficially own, and/or have an economic interest in, securities of, and/or claims against, the Company. These funds are in the business of trading, buying and selling securities and claims. It is possible that there will be developments in the future (including changes in price of the Company’s securities or the value of claims against the Company) that cause one or more of such funds or accounts from time to time to sell all or a portion of their holdings of, or claims against, the Company in open market transactions or otherwise (including via short sales), buy additional securities (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls or other derivative instruments relating to some or all of such securities or claims. To the extent that Elliott discloses information about its position or economic interest in the securities of, or claims against, the Company in the materials on the Website, it is subject to change and Elliott expressly disclaims any obligation to update such information.
The materials on the Website may contain “forward-looking statements.” All statements other than statements of historical fact are “forward-looking” statements for purposes of the U.S. federal and state securities laws. These statements may be identified by the use of forward looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “our vision”, “plan,” “potential,” “preliminary,” “predict,” “should,” “will” or “would” or the negative thereof or other variations thereof or comparable terminology and include, but are not limited to, statements regarding the Company’s expected motions to be filed in the Chapter 11 proceeding and the dispositions of such motions, continued operations and customer and supplier programs while in a Chapter 11 proceeding, cash needed to support the Company’s operations while in a Chapter 11 proceeding, ability to lower debt and interest payments, ability to operate while in a Chapter 11 proceeding, ability to pay the Company’s creditors, credit rating and ability to manage the Company’s pension obligations. These forward-looking statements are based on current expectations, assumptions, estimates and projections. Such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond Elliott’s control. These factors, including, but not limited to, the actions and decisions of the Company, the Company’s creditors and other third parties with interests in the Chapter 11 cases, adjustments in the calculation of financial results for the quarter or year end, or the application of accounting principles, discovery of new information that alters expectations about financial results or impacts valuation methodologies underlying financial results, accounting changes required by United States generally accepted accounting principles, may cause results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in materials on the Website may not in fact occur. Elliott undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise.
All trade names, trademarks, service marks, and logos herein are the property of their respective owners who retain all proprietary rights over their use.
About Elliott
Elliott Management Corporation manages two multi-strategy funds which combined have more than $32 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.
