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New York hedge fund Elliott Management Corp. is eyeing the pile of professional bills Energy Future Holdings Corp. has paid, a mound that was near the $500 million mark in April and continues to accumulate, WSJ Pro Bankruptcy reported. Sunday, Elliott launched a campaign to get a seat on the official committee that reviews fees in the chapter 11 proceeding of Energy Future, the former TXU Corp. Earlier this year, the hedge fund became Energy Future’s largest creditor and launched an activist effort to push the three-year-old bankruptcy proceeding to a swift end. That end could come as early as next year, assuming Sempra Energy Inc. succeeds in buying Energy Future’s last remaining asset, an 80 percent stake in the electricity transmission business, Oncor. Elliott battled a $9 billion offer for Oncor from Warren Buffett’s Berkshire Hathaway Energy Co., holding the door open for Sempra — and a $450 million price improvement.

GenOn Energy Inc. won court approval yesterday of a restructuring plan that splits it from parent NRG Energy Inc. and opens the way to a sale of the company, WSJ Pro Bankruptcy reported. A wholesale power generator, GenOn operates electricity plants that use natural gas, coal and oil. Efforts to find a buyer began midway through a bankruptcy turnaround effort and have heated up in recent weeks, with “very active” interest from multiple potential bidders, GenOn lawyer Steven Serajeddini said at a hearing in the U.S. Bankruptcy Court in Houston. At the hearing, Judge David Jones confirmed a chapter 11 workout plan that erases NRG’s ownership of GenOn, and hands the company to bondholders that agreed to extinguish at least $1.75 billion in debt in exchange for equity.

Breitburn Energy Partners LP can begin seeking creditor support for a reorganization plan that would split the bankrupt U.S. oil firm into two separate, creditor-owned companies, a U.S. court ruled yesterday, Reuters reported. One of the companies would be created through a $775 million new share offering for unsecured creditors, led by investment firms Elliott Management Corp. and WL Ross & Co., and hold prized Permian Basin assets. The other would be owned by secured creditors with $793 million of debt, and would house oil reserves in California, the Rocky Mountains, the U.S. Midwest and U.S. Southeast. Bankruptcy Judge <b>Stuart Bernstein</b> yesterday approved the disclosures in Breitburn’s plan after scrutiny over costs linked to the rights offering and objections from an official equity committee representing shareholders, which has said the proposal is unfair. Los Angeles-based Breitburn is one of more than 100 energy companies that filed for chapter 11 bankruptcy after oil prices crashed in 2015. Read more.

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