Energy Future Holdings Corp.'s deal to get out of bankruptcy fast was met with a barrage of criticism Tuesday from creditors who say they'll be left holding the bag if the deal at the heart of the turnaround falls through, Dow Jones Daily Bankruptcy Review reported today. Unveiled on Monday, the Dallas energy company's new bankruptcy plan is built around the $12.1 billion sale of its stake in Oncor, a cash-generating, regulated transmission business, to investors including Hunt Consolidated Inc. and investors including junior creditors from one of its two main divisions, the so-called "T-side" of the company. Unsecured creditors from Energy Future's other main division, the "E-side," attacked the deal at a court hearing Tuesday, saying it's no more than a "free option" to buy Oncor that leaves E-side creditors with the risk the deal will fail. Energy Future filed for chapter 11 bankruptcy protection in April 2014 with $42 billion in debt to resolve. The proposed takeover of Oncor is billed as a peaceful and speedy outcome to a bankruptcy that has been marked by contention.
