EFH officially dumps restructuring plan
It’s official.
Energy Future Holdings, the Texas power giant, has dumped the restructuring plan it filed when it declared bankruptcy in April seeking protection from its $40 billion in debts.
Instead, the company will open up an auction for the transmission company Oncor, which has attracted competing interest from Florida-based NextEra Energy and Hunt Consolidated in Dallas.
In a letter to employees Thursday, the company said it would be “conducting a court-supervised bid process over the coming weeks.”
The move has been expected since last week when one of the company’s attorneys told U.S. Bankruptcy Judge Christopher Sontchi unless there was a radical turn in creditors’ opposition they would drop the restructuring agreement.