TXU Europe’s lights go out


As TXU Europe draws its last few breaths, bondholders hold theirs, awaiting a decision on their recovery prospects. But these investors may not have to hold out for too long, as full recovery of their money seems very unlikely.

US parent TXU Corp has sold TXU Europe’s UK retail and generation assets to E.on for £1.37 billion and assumed securitised receivables of £245 million, but these proceeds will not be enough to satisfy creditors.

“I would not have too much hope of a good recovery val

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