The U.S. Court of Appeals for the Third Circuit has ruled that Texas-based power company Energy Future Holdings Corp. must pay hundreds of millions of dollars for early redemption of notes in its bankruptcy.
After being shut down by a federal bankruptcy judge and the District of Delaware, holders of Energy Future’s first-lien and second-lien notes argued that the early repayment of debt meant the company owed them premiums, known as a make-whole, of $431 million and $351 million, respectively.
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