Unsecured creditors of bankrupt Energy Future Holdings, as well as one group of secured bondholders considered far out of the money, formed a committee yesterday that will play a major role in the restructuring of Texas' biggest power company, Reuters reported yesterday. The seven-member committee, appointed by the Office of the U.S. Trustee, included the Pension Benefit Guaranty Corp. as well as representatives of bondholders and suppliers to the company, which filed for chapter 11 protection on April 29 with $9.6 billion owed to unsecured creditors. The company owes another $32 billion to higher-priority creditors, making it one of the biggest non-financial companies ever to file for bankruptcy. In a rare move, the committee will include a representative of secured noteholders that the company says are so unlikely to get paid that they are essentially involuntarily unsecured.
