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Frontera Holdings Gets OK For $800M Debt Swap


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Frontera Holdings Gets OK For $800M Debt Swap
Law360 (April 26, 2021, 1:58 PM EDT) A Texas bankruptcy judge Monday approved power generating station owner Frontera Holdings LLC s $800 million equity-swap Chapter 11 plan after saying he had been reassured the reorganized company could stay solvent in the face of negative cash flow.
During a virtual hearing U.S. Bankruptcy Judge Marvin Isgur questioned what Frontera s financial projections which anticipate years of negative cash flow after it emerges from bankruptcy would mean for the company s ability to avoid a return to Chapter 11, but said the answers he got from Frontera s witnesses reassured him the company would have sufficient liquidity and ability to borrow.. ....

Marvin Isgur , Frontera Holdings , Judge Marvin Isgur , ஃப்ரொஂடெர ஹோல்டிங்ஸ் ,

Chancery Halts Texas Power Plant's Deep Freeze Suit For Now


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Chancery Halts Texas Power Plant s Deep Freeze Suit For Now
Law360 (April 8, 2021, 8:23 PM EDT) Citing a contractual agreement to litigate in Delaware, the Chancery Court issued a temporary restraining order Thursday barring a Texas power plant from suing in that state to block collection of a $286 million bill run up during a freak Deep South freeze in February.
Ruling by telephone after videoconference arguments, Vice Chancellor Kathaleen S. McCormick found there was no doubt that a 2017 purchase agreement for La Frontera Holdings LLC s Odessa, Texas, plant contained a valid Delaware forum choice provision for disputes over seller earnout payments, which go to Wichita, Kansas-based Koch AG & Energy Solutions LLC. ....

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Koch Unit Says Texas Plant Owes $286M Despite Winter Storm


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Koch Unit Says Texas Plant Owes $286M Despite Winter Storm
Law360 (March 16, 2021, 2:58 PM EDT) A Koch Industries affiliate hit the owners of a power plant in Odessa, Texas, with a breach of contract suit in Delaware Chancery Court Monday, alleging they unfairly reneged on an asset purchase agreement by refusing to pay an extra $286 million for the partially frozen month of February.
In a 20-page complaint, Wichita, Kansas-based Koch AG & Energy Solutions LLC accused the Texas-based La Frontera Holdings LLC and its parent Vistra Operations Company LLC of intentionally missing a $286 million payment they owed KAES for February, based on the baseless pretext that the winter storm completely destroyed the natural gas. ....

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