Bankruptcy judge approves sale of Oncor utility to NextEra

[TexasTowelie]

Dallas-based Energy Future Holdings is one step closer to ending one of the biggest U.S. energy bankruptcies after a judge approved a plan to sell its Oncor power transmission unit to NextEra Energy.

U.S. Bankruptcy Judge Christopher Sontchi confirmed Energy Future’s reorganization plan Friday after a court hearing in Delaware. Florida-based NextEra still must obtain permission from Texas regulators to buy Oncor, the largest owner of high-voltage power lines in the state.

“NextEra has been interested in making the best deal possible for Oncor from the beginning of the case,” Howard Seife, an attorney for NextEra, said after Sontchi ruled. This is NextEra’s second attempt to buy the distribution unit out of bankruptcy.

Energy Future filed for bankruptcy protection in April 2014 with almost $50 billion in debt, much of it from a record leveraged buyout of the former TXU Corp. seven years earlier by KKR, TPG Capital and Goldman Sachs Capital Partners. Since then, Energy Future has seen two previous bankruptcy plans blow up because of creditor squabbles or regulator opposition.

Read more here: http://www.star-telegram.com/news/business/article133459649.html

[Vogon_Glory]

1. In Another Era, The Legislature Would Call For A State Takeover

In another era, the state legislature would probably call for a state take-over of Oncor's assets. And no, I'm not talking about the Psychadelic 1960's, but the populism of the 1880's that saw regulation of Texas railroads and also banking restrictions. Today, however, such an idea would make the ruling party soil their britches in fright.