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Bridge collapse on I-35 north of Austin

SALADO, Texas (AP) — Emergency crews are responding to a reported bridge collapse along an interstate in Central Texas.

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Amazon begins Prime Now program in Dallas area

If you just have to have it now, as in one hour, you can, at least in the Dallas area, as Amazon.com Inc. announced Thursday it will offer Prime Now.

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Westchester Plaza manager says "business as usual" for now

The future of a redevelopment plan for the 50-year-old Westchester Plaza on Fort Worth's Near Southside is unclear.

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Texas jobless rate falls as employers add workers

Texas unemployment fell to 4.3 percent during February for the sixth straight month of declines, the Texas Workforce Commission reported Friday.

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Monty Bennett: Businessman, water district activist

Monty Bennett’s name will not appear on the ballot for the Tarrant Regional Water District board of directors yet he remains a powerful backstage player whose influence could shape the direction of the district’s business for years to come.

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TXU parent Energy Future Holdings files bankruptcy

DALLAS (AP) — Energy Future Holdings filed for Chapter 11 bankruptcy reorganization Tuesday after agreeing with key financial stakeholders to keep its power-producing businesses operating in Texas while it reduces roughly $40 billion in debt.

The company owns TXU Energy, a retail electricity provider, and Luminant, the state's largest power generator. State agencies, including the manager of Texas' electricity grid, have been closely watching the company in the run-up to its filing to ensure that power production is not impacted. In the short term, it appears power distribution and production will continue normally.

Energy Future's main stakeholders had discussed a restructuring, and the company recently skipped a deadline to pay $109 million in interest.

The Dallas company said Tuesday it will separate its Texas Competitive Electric Holdings Co. subsidiary, which includes TXU Energy, and give preferred lenders complete ownership in that reorganized business. It also will give lenders cash proceeds from new debt in exchange for eliminating about $23 billion of Texas Competitive Holdings' funded debt.

Energy Future will still own Energy Future Intermediate Holding Co. and keep its interest in Oncor Electric Delivery Co., a power transmission business, which is not part of the reorganization.

The company found itself with an untenable debt load after it bet that natural gas prices would rise, giving its coal-fired plants a competitive edge. Instead, natural gas prices have plummeted amid a glut of production from U.S. shale deposits.

It said Tuesday that it expects day-to-day operations to continue during the reorganization. That includes provision of power to customers, the payment of wages and benefits, and payments to vendors.

The Electric Reliability Council of Texas, or ERCOT, which manages the state's grid and the flow of power to 23 million customers in Texas, said in a statement Tuesday it has been monitoring Energy Future's situation and is focused on maintaining system reliability and market efficiency as the restructuring moves forward.

"It is our understanding that EFH and its affected subsidiaries expect to continue operating generation assets and serving retail customers in Texas," ERCOT said in its statement, noting that the company's transmission business, Oncor, is not included in the bankruptcy filing. "Therefore, ERCOT sees no immediate concerns related to system reliability or market efficiency associated with this filing."

Energy Future expects to leave its restructuring in about 11 months.

The holding company was acquired in 2007 by private-equity firms KKR & Co., TPG Capital of Fort Worth and Goldman Sachs Capital Partners.
 

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