Reuters

Energy Future has proposed splitting itself in two. The Luminant power generating business and its TXU retail utility would be spun off to the senior creditors of those units, while the parent would retain its stake in Oncor, which operates the largest power distribution system in Texas.

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The company's bankruptcy plans have been strenuously opposed by a group of junior creditors of the TXU and Luminant side of the business, who are pushing their own proposal.

The junior creditors prefer to convert the Oncor investment into a real estate investment trust, which tend to be highly valued by investors.