After 18 months in bankruptcy, Energy Future Holdings started what it hopes will be the final phase of its reorganization yesterday, pushing for approval of its fourth major restructuring proposal, Bloomberg News reported. The Dallas-based power provider is asking Bankruptcy Judge Christopher Sontchi to sign off on a deal that splits it in half. If Energy Future succeeds, it could mean a solution to problems that grew out of a record, $48 billion leveraged buyout, and end a drawn-out bankruptcy where creditors have already rejected three attempts to reorganize. The deal would create a power distribution unit, including Oncor, Texas’s biggest electric-transmission system, and a power generating unit. Each half would be owned by separate groups of creditors including big name hedge funds specializing in distressed debt. The factions fought over terms for more than a year before reaching a deal with help from Hunt Consolidated, a Dallas-based oil and gas, real estate and power company.
