Texas's biggest power company, Energy Future Holdings Corp., has reached a settlement with the last group of creditors opposed to its chapter 11 plan, increasing the likelihood the plan will be confirmed, Reuters reported yesterday. The company said in court filings on Monday that it had reached settlements with the official creditors committee of Energy Future Holdings, as well as a representative for some junior bondholders. The plan centers around the sale of its Oncor power distribution business, the biggest power distributor in Texas, to a group led by Hunt Consolidated of Texas. That deal has been valued at $19 billion. The committee had opposed the structure of the deal, which they said would allow Hunt to walk away if the deal failed to clear regulatory hurdles. Under the settlement, the committee and bondholders agreed to drop their opposition to Energy Future's plan and the Hunt deal. In return, they would receive some of the interest that has accrued during the bankruptcy.
