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Wednesday, August 27, 2014

Bankrupt Energy Future will soon propose auction process, (NYSE: NEE)

Energy Future Holdings, the big Texas power company that filed for bankruptcy in April, said it will present a proposal for auctioning the company after it scrapped an earlier plan to exit Chapter 11 under control of unsecured creditors. The company said it was evaluating potential proposals it received from financial and strategic bidders, and opting for an auction may indicate increasing interest in the company."We believe that a transparent and court-supervised marketing process will maximize the assets' value, and we look forward to providing the court with proposed procedures for this marketing process in the coming weeks," said a statement from company spokesman Allan Koenig.The company had previously said it was in discussions with potential bidders, which included Hunt Consolidated and NextEra Energy Inc. Energy Future's crown jewel is its regulated power distribution business known as Oncor.NextEra had presented the U.S. Bankruptcy Court in Wilmington, Delaware, with a proposal for acquiring post-bankruptcy control of Energy Future, but the Florida company withdrew that on Tuesday. It said in a court filing it was pulling its proposal because an auction process would soon be presented.

NextEra Energy, Inc. (NEE) is an electric power company. Shares of NEE traded higher by 0.93% or $0.895/share to $96.89. In the past year, the shares have traded as low as $78.81 and as high as $102.51. On average, 1947400 shares of NEE exchange hands on a given day and today's volume is recorded at 1412944.