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Energy Future Holdings Corp. (EFH) has cancelled the bankruptcy auction of its stake in Oncor Electric Delivery Co., its power distribution business, and looks to be moving forward with a stand-alone reorganization plan, the Dallas Business Journal reported today. Scrapping the auction likely rules out NextEra Energy Inc., a Juno Beach, Fla.-based power company that had emerged as a frontrunner in an expected bid for Oncor, said Andrew Bischof, a utility analyst with the research firm Morningstar. Dallas-based EFH entered its $42 billion bankruptcy last year with a plan to split itself in two, giving each part to different sets of creditors. Now, EHF has decided to retain its 80 percent stake in Oncor and build a reorganization plan that includes Oncor, EFH said June 25. That plan is expected to be formally presented to the U.S. Bankruptcy Court in Wilmington, Delaware, in October.

A federal judge said yesterday that he will approve Revel AC Inc.’s liquidation plan after the former owner of the twice-bankrupt Atlantic City, N.J., casino reached several long-elusive settlements with its creditors, the Wall Street Journal reported today. Bankruptcy Judge Michael Kaplan said that the liquidation plan, which will bring Revel’s hard-fought chapter 11 case to a close, will start the process of rejuvenating Atlantic City. The plan divvies up proceeds from the sale of the 47-story boardwalk tower. Revel, which cost $2.4 billion to build, was sold to developer Glenn Straub for $82 million, leaving little behind to repay creditors.

Spurred by its creditors' complaints, Patriot Coal Corp. overhauled its sale process as it works to secure a bankruptcy court's blessing, Dow Jones Daily Bankruptcy Review reported today. The new auction plan, which Patriot outlined yesterday before the U.S. Bankruptcy Court in Richmond, Va., gives would-be buyers more time to formulate their challenges to proposed lead bidder Blackhawk Mining LLC and reduces the amount of bidder protections available to Blackhawk. The U.S. Trustee’s office, large banks, the union representing Patriot's miners and the company's unsecured creditors were among those who raised objections to Patriot's auction plans, warning that a speedy sale timeline and substantial bidder protections for Blackhawk would freeze out rival bidders. In response to objections, a Patriot lawyer said that the company extended its auction timeline by about a month, giving rival bidders until early September to submit their offers instead of Aug. 7. An auction would be held Sept. 9, and Patriot would aim to close a sale by Oct. 9.

Egenix Inc., a New York-based pharmaceutical company, will enter a bankruptcy court-supervised auction with a nearly $4 million offer from two board members already on the table, Dow Jones Daily Bankruptcy Review reported today. Following a hearing on Friday, Bankruptcy Judge Brendan Shannon approved a streamlined sale process for Egenix's intellectual-property assets. Those assets will hit the auction block in July, with the $3.9 million offer from Denan Inc. setting a floor price.

David Cassidy's Fort Lauderdale home is up for auction after a bankruptcy court appointed Fisher Auction Co. to oversee the sale, the South Florida Business Journal reported on Friday. The home has been assessed at $1.9 million and the auction date is tentatively set for Aug. 19. Cassidy, best known for his role in the 1970s sitcom “The Partridge Family,” reported assets and debts each between $1 million and $10 million in his bankruptcy filing.

Mining company Allied Nevada Gold Corp. won court approval to sell dormant exploration properties for $17.5 million, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Mary Walrath approved the sale at a hearing on Thursday. Buyer Clover Nevada LLC is listed in the sale documents as connected to Waterton Global Resources Management Inc. Included in the all-cash sale approved are 75 nonoperational properties that Allied Nevada has been trying to sell since 2012.

A bankruptcy judge rejected a winning bid to sell Family Christian LLC, a retailer of religious books and church supplies, to an investment group led by Atlanta businessman Richard Jackson, the Wall Street Journal reported on Saturday. Bankruptcy Judge John Gregg on Thursday suggested that the Michigan-based retailer’s bankruptcy lawyers hold another auction for the 266-store chain, saying in a 48-page decision the marathon event in May was “nothing short of chaotic.” Family Christian’s bankruptcy lawyers had declared a $46.8 million offer from Jackson, who promised to keep the 3,100-worker chain alive, to be the winner. Two liquidation firms who proposed shutting down the chain — Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC—argued that their offer would provide more money to pay the bankrupt retailer’s debts. In his opinion, Judge Gregg didn't say which bid he thought best. Instead, he rejected all offers after going over a series of mistakes that unfolded during the auction, which began on May 21, recessed several times amid confusion over the bidding process and ended at 2 a.m. on May 27. Read more. (Subscription required.) 

Cited in Judge Gregg’s opinion was one of ABI’s newest titles, Credit Bidding in Bankruptcy Sales: A Guide for Lenders, Creditors, and Distressed-Debt Investors. Pick up your copy today.

The former RadioShack won court approval of the last major transactions of its bankruptcy case: more than $50 million worth of real estate in Texas, California and Maryland, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Brendan Shannon said at a hearing this week that he will sign off on the deals, according to a lawyer present at the session in the U.S. Bankruptcy Court in Wilmington, Del. Properties in Fort Worth, Texas, and Woodland, Calif., are being sold to B.H. Management Inc. for $39.29 million. SK Realty Management LLP is buying the former RadioShack 's Hagerstown, Md., property for $11.4 million, court papers say.