Energy Future Holdings asked a judge to extend the period in which it controls its chapter 11 case and said that it is scrapping its original debt-cutting plan in favor of an auction of its Oncor unit, Reuters reported yesterday. The company asked Hon. Christopher S. Sontchi to extend its exclusive right to seek a creditor vote on a plan of reorganization until April 25, 2015, from its current deadline in October. The company filed for bankruptcy on April 29, 2014, with a restructuring support agreement, and some creditors aimed to get a plan to cut its $40 billion in debt approved by Judge Sontchi before February. Energy Future's original plan triggered lawsuits by creditors and demands that it slow down the process, which attracted the interest of potential buyers such as NextEra Energy Inc. Energy Future now anticipates conducting a court-supervised auction for itself and its EFIH subsidiary, which owns 80 percent of the Oncor power distribution business.
