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Tuesday, June 24, 2014

CORRECTED-Energy Future unit rejects NextEra's $2.3 billion bankruptcy plan, (NYSE: NEE)

Energy Future Holdings rejected a $2.3 billion restructuring plan by NextEra Energy Inc that would have given the alternative energy group a large stake in Energy Future's power lines unit, according to court filings.The proposal was made by NextEra and a group of investors that hold second-lien notes issued by Energy Future's EFIH unit, which in turn controls the Oncor power distribution business.EFIH, or Energy Future Intermediate Holding, rejected the proposal late on Monday in favor of a proposal already advanced by a group of investors who hold the unit's unsecured bonds, according to documents filed with the U.S. Bankruptcy Court in Wilmington, Delaware.NextEra, the largest U.S. generator of renewable energy, had committed to contribute $1 billion to the proposal, which took the form of a loan that would convert to equity in EFIH at the end of the bankruptcy.

NextEra Energy, Inc. (NEE) is an electric power company. Shares of NEE traded higher by 1.03% or $1.03/share to $100.66. In the past year, the shares have traded as low as $77.21 and as high as $101.50. On average, 2089510 shares of NEE exchange hands on a given day and today's volume is recorded at 1465476.