Standard & Poor’s said on Friday that secured lenders to a unit of Energy Future Holdings Corp. probably will get less of their money back from the bankruptcy-bound power producer as its liabilities grow, including from new loans that will fund its reorganization, Bloomberg News reported. The credit grader said it now expects creditors holding the first-lien debt of Energy Future’s Texas Competitive Electric Holdings division to recover from 30 percent to 50 percent of their principal. That compares with a previous forecast of recoveries “marginally above” 50 percent, S&P said in a statement today. Energy Future said in regulatory filings this week that it was skipping $109 million of interest payments due April 1 and using grace periods to avoid default. It also delayed an annual report that may have included a qualification to its ability to continue as a going concern, which would have triggered a default, the company said.
