Qatar Wealth Fund Backed Legally-Entangled Texas Energy Giant
Flying under the radar, Texas-based Vistra Energy (formerly known as TXU), an energy company that emerged from Chapter 11 bankruptcy protection in October 2016, controls TXU Energy and Luminant. The word “Vistra” is a mixing of “Vision” and “Tradition”. TXU Energy operates in the retail electricity market serving roughly 1.7 million residential and business customers in Texas, while Luminant is an independent power producer in Texas, generating approximately 17,000 MW in the state. With its new private equity owners, after bankruptcy protection, Vistra Energy fired some 500 employees, mostly in Dallas and cut overhead costs by more than 50%. The company then paid out a US$ 1 billion “special dividend” to the owners in December 2016 (a special cash dividend of US$ 2.32 per share). The company is still mired in a legal battle with creditors over certain assets.
Vistra Energy Major Shareholders in Equities – March 2017
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