Entergy Corp. (ETR) said Tuesday it's revising its financing plans for a spin-off of five of its nuclear power plants and is asking New York regulators to speed up a decision on the deal, which it plans to close by the end of the year.

The New Orleans-based power company has been looking to create the nation's first stand-alone nuclear power company for more than a year and a half. The deal was stymied by the global credit freeze as Entergy need to access billions in new debt to create the company, to be called Enexus Energy Corp. A return of activity in the market for below-investment-grade debt has Entergy again focusing on the regulatory approvals needed for the spin-off.

In New York, the company has faced resistance from public officials who are concerned Enexus will have too much debt and won't follow through on past agreements to invest in the plants. The nuclear plants in the spin-off include Indian Point and James Fitzpatrick nuclear plants in New York.

Entergy said in a press release Tuesday that it filed a motion with the New York Public Service Commission requesting a decision by the board's November meeting. It also plans to file an amended proposal by early next month with revisions to Enexus's financing plans.

The company said Enexus will issue $3.5 billion in long-term bonds rather than $4.5 billion, while increasing its initial unrestricted cash balance to $750 million from $250 million. Entergy also is changing how it will distribute equity in the new company. Entergy will issue 80% of Enexus's equity to its shareholders and hold the remaining 20% in a trust. Entergy shareholders then will be able to exchange their Entergy shares for shares of Enexus, distributing the new company's remaining equity, said Michael Burns, a spokesman for Entergy.

Originally, Entergy had planned to distribute all of the equity in Enexus to Entergy shareholders up front. The changes in the financing plans came out of settlement negotiations in New York that broke down earlier this year.

Besides New York, Entergy also is awaiting approval from Vermont regulators. Burns said the process continues in that state where Entergy's Vermont Yankee plant is located, and the company expects regulators to be pleased with the changes it will file.

Shares of Entergy, which have fallen nearly 38% over the past year, were recently up 23 cents at $73.98.

-By Mark Peters, Dow Jones Newswires; 212-416-2457; mark.peters@dowjones.com