Fidelity Investments is working on preparing a bid with other creditors of Energy Future Holdings Corp to acquire through Energy Future’s bankruptcy the company’s crown jewel, Oncor, according to people familiar with the matter.

Energy Future has been in bankruptcy for over two years. Plans for Oncor, a utility serving Texas that is prized for its steady cash flow, have come together and then collapsed over that time, partly because of financing and regulatory issues.

Fidelity would have been one of the owners of Oncor had an earlier plan panned out.

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