Deals
Energy Future Clears Big Hurdle With Approval of Oncor Sale
- Unsecured creditors get $450 million more, drop opposition
- Texas regulators still must sign off on asset sale to NextEra
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Energy Future Holdings Corp. won court approval to sell its Oncor electricity distribution business to NextEra Energy Inc., bringing the biggest U.S. power bankruptcy one step closer to a conclusion more than two years after it began.
The approval came after NextEra agreed to increase its offer by $300 million in cash and make other changes to help satisfy Energy Future creditors including Fidelity Management & Research Co. All told, unsecured creditors will get $450 million more, Energy Future lawyer Chad Husnick told U.S. Bankruptcy Judge Christopher Sontchi at a hearing Monday in Delaware.