Energy Future Holdings Corp, the largest power company in Texas, marked the two-year anniversary of its $42 billion bankruptcy by essentially hitting the reset button and unveiling on Sunday a new chapter 11 exit plan, Reuters reported. The plan comes after investors withdrew their support last week for acquiring Energy Future's crown jewel, its Oncor power distribution business. That deal, valued at up to $20 billion, was led by Energy Future's creditors and Hunt Consolidated Inc of Dallas, and was meant to fund the prior bankruptcy exit plan. The company is seeking an even quicker schedule to exit Chapter 11 and asked for a hearing to confirm its new plan on Aug. 1. Like the original plan, Energy Future proposes spinning off its power plants and retail electricity business to senior creditors. Unlike the prior plan, the new plan allows those creditors to take control of those assets without waiting for a deal for the Oncor side of Energy Future's business. Under the new plan, creditors of the Oncor side of Energy Future could take control of the distribution business, or it could be sold.
