$4Bn impairment for KKR-backed Energy Future Holdings
Energy Future Holdings Corp, which is backed by Kohlberg Kravis Roberts & Co, expects to take a non-cash $4 billion goodwill impairment charge in the third quarter because of lower wholesale power prices, according to Reuters. KKR and Texas Pacific Group bought the company in 2007. In July, Standard & Poor's cut its rating on the company by four notches, saying that it sees a debt exchange as distressed and equivalent to a default.
11 October 2010•1 min read
