Energy Future Holdings Corp. may be seeing a path out of chapter 11 protection with investors circling the company's prize asset, Oncor, Dow Jones Daily Bankruptcy Review reported today. A sale of Oncor, which is shielded from its parent's financial trouble and rakes in cash from a transmissions business watched closely by regulators, would be the largest distressed mergers and acquisition transaction on record. Billions of dollars in new money is flowing toward a deal to take over Energy Future's stake in Oncor, which could be worth $17 billion or more. Energy Future Holdings has spent the last 12 months stalled out in bankruptcy court amid the ruins of a carefully orchestrated strategy to tackle the debt load, the legacy of a 2007 leveraged buyout.
