Energy Future Holdings Corp. canceled plans to auction its valuable power-distribution business and will try to resolve its $42 billion bankruptcy under one of two proposals backed by rival groups of creditors.

Unsecured creditors backed by Hunt Consolidated Inc. are trying to round up enough senior debt-holders to push through a reorganization plan worth about $19 billion. If they succeed, Energy Future would seek court approval of that plan in October.

Keep reading at Bloomberg.