Bankrupt Energy Future Holdings, Texas's largest power company, received court approval on Friday for one of its main businesses to borrow $5.4 billion to carry out a refinancing that is key to its huge restructuring, Reuters reported on Friday. Approval of the loan to Energy Future's EFIH unit, which controls the Oncor power lines business, was tied to a settlement offer that was also approved on Friday by U.S. Bankruptcy Judge Christopher Sontchi. In April, Energy Future filed one of the largest U.S. bankruptcies after a year of negotiations with creditors. The company is working on a restructuring plan to slash its $42 billion in debt. Under that plan, the EFIH unit would use the $5.4 billion to refinance some senior debt to lower its interest payments.
