Energy Future Holdings squared off against creditors in court on Friday as the bankrupt Texas power company sought approval to begin a multibillion dollar auction of its interest in Oncor, a power transmission business, Reuters reported on Friday. The company anticipates an auction in February, and sources told Reuters that potential bidders include NextEra Energy Inc. of Juno Beach, Fla., Hunt Consolidated Inc. of Dallas and Houston-based Centerpoint Energy Inc. Energy Future is not selling Oncor, but the right to own an 80 percent stake in Oncor, which operates the largest network of power lines in Texas and is closely watched by regulators. Creditors opposed the structure of the proposed auction because they said that it would lock the company into a reorganization that would provide billions of dollars of tax benefits for one group of senior lenders.
