Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Commodities  >  World (autre bourse)  >  NYMEX Henry-hub gas       

SummaryNews 
News SummaryAll newsTweets

NextEra Energy : Energy Future Wins Chapter 11 Plan Confirmation

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/17/2017 | 05:22pm CEST
By Peg Brickley and Jonathan Randles 

NextEra Energy Inc.'s planned acquisition of one of the country's largest electricity transmissions businesses, Oncor, moved to the next phase Friday, when a judge said he would confirm the bankruptcy-exit plan of Oncor owner Energy Future Holdings Corp.

Confirmation sets the stage for hearings before the Public Utility Commission of Texas, which must approve the acquisition of Oncor, a critical element of the state's power system, by NextEra, a Florida company.

Judge Christopher Sontchi's confirmation ruling is the second for an Energy Future bankruptcy-exit plan. An earlier chapter 11 plan built around the planned sale of Oncor to a group of investors led by Hunt Consolidated Inc. was confirmed last year, but the deal fell apart after Texas regulators put conditions on the transaction.

NextEra will pay $4.4 billion in cash and stock, plus pay off $5.4 billion in financing that helped Energy Future through bankruptcy, to gain control of Oncor, which carries power to some 10 million Texans.

Energy Future, the former TXU Corp., filed for chapter 11 protection in April 2014 with $42 billion in debt. Most of the debt was resolved when Energy Future's electricity generating and retailing businesses exited bankruptcy last year as a new company called Vistra Energy.

Parent company Energy Future remained in bankruptcy, with an 80% stake in Oncor as its principal asset. NextEra had been trying to buy Oncor since 2014. Two years later, NextEra was declared the winner of a bidding contest that revived after the Hunt deal was scrapped.

Write to Peg Brickley at peg.brickley@wsj.com and Jonathan Randles at Jonathan.Randles@wsj.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on NYMEX HENRY-HUB GAS
02:29aDJOil Search Lifts Dividend Following Jump in Profit
02:06aDJCORRECT : BHP Billiton Swings to Annual Profit; Looks to Exit Shale -- Update
08/21DJBHP Billiton Swings to Annual Profit; Looks to Exit Shale -- Update
08/21DJTexas Regulators Will Be First Test for Sempra's $9.45 Billion Oncor Deal
08/21DJBHP Billiton Lifts Dividend as it Swings to Annual Profit
08/21DJSempra Energy Reaches Deal to Acquire Oncor -- 3rd Update
08/21DJSempra Energy Reaches Deal to Acquire Oncor -- 2nd Update
08/21DJSempra Outduels Berkshire for Oncor In $9.45 Billion Deal -- WSJ
08/21DJCorrection to Oncor Texas Regulators Story
08/21DJSempra Energy Reaches Deal to Acquire Oncor -- Update
More news