Energy Future Holdings announced that the United States Bankruptcy Court for the District of Delaware has confirmed the company's plan of reorganization. The plan contemplates a tax-free spin of the company's competitive businesses, including Luminant and TXU Energy, and the sale of its holdings in Oncor to a consortium of investors.

"We are pleased to have reached this critical milestone on the road to emergence," said John Young, chief executive officer of EFH. "We can now begin, in earnest, to build for the future, with a strong capital structure, excellent assets and a singular commitment to delivering for our customers, employees and business partners in Texas' growing, competitive market. Our financial restructuring has been among the most complex in history, and it is a credit to our entire team and our outside advisors that the company has reached this point while maintaining stellar customer service and operational excellence."

Following the court's confirmation, the company must also receive regulatory approvals and satisfy various other closing conditions in order to emerge from chapter 11. The regulatory process is expected to extend into the spring of 2016, though final timing is subject to modification.

EFH is a Dallas-based holding company engaged in competitive and regulated energy market activities in Texas. Its portfolio of competitive businesses consists primarily of Luminant, which is engaged largely in power generation and related mining activities, wholesale power marketing and energy trading, and TXU Energy, a retail electricity provider with 1.7 million residential and business customers in Texas.