Dive Brief:

• Energy Future Holdings (EFH) late last week filed a new reorganization plan with the bankruptcy court in Delaware, saying it is seeking to “reach rapid closure” in a deal with Hunt Consolidated, the Dallas Morning News reports.
• The plan calls for selling EFH piecemeal, with Oncor – the largest transmission and distribution utility in Texas – going for somewhere north of $18 billion.
• Other companies considering bids have so far included NextEra Energy Inc., Warren Buffett's Berkshire Hathaway Inc. and a group of credtors led by Fidelity. Less than a month ago, EFH lawyers announced they had reached a deal to sell Oncor to the Fidelity-led group, but the new filing reveals Hunt is now in the lead.

Dive Insight:

As bankruptcy proceedings go, the fight for Oncor is a good one to watch. At least four groups have indicated they're interested, and EFH seems to have gone from supporting Fidelity's proposal to one floated by Hunt Consolidated. And as The Dallas Morning News points out, it wasn't so long ago that EFH's own lawyers called Hunt's proposal so unlikely that "a galaxy of stars would need to align."

The newspaper reports EFH has submitted a new reorganization plan to the U.S. Bankruptcy court in Delaware, saying it was “working to reach rapid closure” with Hunt. Under the plan, Luminant and TXU Energy would go to senior creditors while Oncor would be sold — with an expected value of more than $18 billion.

Hunt issued a statement saying: "We look forward to working diligently with EFH in the coming days to be chosen as the final bankruptcy plan filed with the court. If selected, we will work closely with the Public Utility Commission of Texas and other stakeholders to demonstrate our commitment to a strong and robust Oncor."

Oncor​ was initially valued between $15 billion and $16 billion, but some estimates have its value closer to $20 billion. The utility serves more than 3 million homes and has about $15 billion in annual earnings.

The quest to sell off Oncor, EFH's most lucrative business, has taken a number of twists and turns throughout the last year. Early in June, NextEra Energy appeared to be in the lead to acquire the T&D utility, and there was talk of it being named the stalking horse to help set the value of the company for an auction. After that, Fidelity emerged as a frontrunner, and now Hunt has reportedly displaced them.

Under Hunt's plan, the trial to divide up EFH's assets could begin as soon as October.