Texas's biggest power company, the bankrupt Energy Future Holdings, will soon present plans to auction its majority stake in its Oncor power distribution unit, a business that could be worth $20 billion or more including debt. Edward Sassower, a Kirkland & Ellis lawyer who represents Energy Future, told a U.S. bankruptcy judge on Tuesday the company will seek a approval for the auction plan at a hearing on Oct. 17, suggesting the proposal could be filed next week."As you are aware, we're in the midst of a bidding war," said Sassower. "We've been working diligently to maintain that momentum by nurturing offers and attracting new bids. Market conditions are favorable and we want to lock in that value."In June, NextEra Energy Inc swooped in with an unsolicited bid for control of Oncor, but Energy Future rejected it.That proposal upended Energy Future's initial plan to allow its unsecured creditors to own the company when it emerged from bankruptcy. Energy Future filed for bankruptcy in April after years of falling natural gas prices dragged power prices lower, cutting the company's revenue and leaving it with unsustainable debt.
NextEra Energy, Inc. (NEE) is an electric power company. Shares of NEE traded higher by 0.9% or $0.85/share to $95.03. In the past year, the shares have traded as low as $78.81 and as high as $102.51. On average, 1907760 shares of NEE exchange hands on a given day and today's volume is recorded at 1340813.
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