{"id":3418,"date":"2016-09-21T14:41:24","date_gmt":"2016-09-21T19:41:24","guid":{"rendered":"http:\/\/www.texaselectricityratings.com\/blog\/?p=3418"},"modified":"2016-09-21T14:41:24","modified_gmt":"2016-09-21T19:41:24","slug":"court-approves-sale-oncor","status":"publish","type":"post","link":"https:\/\/www.texaselectricityratings.com\/blog\/court-approves-sale-oncor\/","title":{"rendered":"Court Approves Sale of ONCOR"},"content":{"rendered":"<div id=\"attachment_3417\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" aria-describedby=\"caption-attachment-3417\" class=\"wp-image-3417\" src=\"https:\/\/www.texaselectricityratings.com\/blog\/wp-content\/uploads\/2016\/09\/iStock_91800003_SMALL.jpg\" alt=\"Judges Or Auctioneer Gavel On The Dollar Cash Background, Top View, Close-Up. Concept For Corruption, Bankruptcy, Bail, Crime, Bribing, Fraud, Auction Bidding, Fines\" width=\"300\" height=\"200\" \/><p id=\"caption-attachment-3417\" class=\"wp-caption-text\">On September 20, US Bankruptcy Court approved the sale of ONCOR.<\/p><\/div>\n<p>It\u2019s costing NextEra an extra $300 million in cash and an agreement to pick up the debt and asbestos liabilities from the <a href='https:\/\/www.texaselectricityratings.com\/electricity-rates'>Texas electricity<\/a> distribution business. <a rel='nofollow' href='http:\/\/www.bloomberg.com\/news\/articles\/2016-09-19\/energy-future-nextera-settle-last-big-objection-to-oncor-sale'>Energy Future Holdings unsecured creditors<\/a> will also get $450 million more. As of Sept. 20, Judge Christopher Sontchi in the Delaware District of the US Bankruptcy Court okayed the sale proposal for NextEra to buy Oncor from Dallas-based Energy Future Holdings for $18.7 billion.<\/p>\n<p>Broadly speaking, the deal looks like this:<\/p>\n<p>Of the roughly $18.7 billion, <a rel='nofollow' href='http:\/\/www.investor.nexteraenergy.com\/phoenix.zhtml?c=88486&#038;amp'>NextEra Energy intends<\/a> to:<\/p>\n<p style=\"padding-left: 60px\">\u2014 Fund $9.8 billion, primarily for the repayment of reorganized Energy Future Intermediate Holding Company LLC (EFIH) debt.<br \/>\n\u2014Pay certain creditors primarily in cash with the remainder in NextEra Energy common stock.<br \/>\n\u2014Repay in full the EFIH first lien debtor-in-possession (&#8220;DIP&#8221;) financing facility $5.4 billion (principal amount). This will be financed in cash by \u201ca non-EFH\/Oncor NextEra Energy affiliate\u201d at the closing to erase EFH and EFIH debt for Oncor.<br \/>\n\u2014<a rel='nofollow' href='http:\/\/www.bloomberg.com\/news\/articles\/2016-09-19\/energy-future-nextera-settle-last-big-objection-to-oncor-sale'>Pay $4.4 billion in cash<\/a> and sets aside $100 million to cover asbestos claims.<\/p>\n<p>The deal is expected to wrap up in the first quarter of 2017. IF Energy Future Holdings decides to cancel the the purchase should an unlikely last minute bidder step up, NextEra collects a $275 million breakup fee.<\/p>\n<p>In April 2014, Energy Future Holdings filed for Chapter 11 bankruptcy protection having rung up $50 billion in debt \u2014the largest in U.S. history so far. After months of trying to attract a buyer, its reorganization plan was approved in August.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s costing NextEra an extra $300 million in cash and an agreement to pick up the debt and asbestos liabilities from the Texas electricity distribution business. Energy Future Holdings unsecured creditors will also get $450 million more. As of Sept. 20, Judge Christopher Sontchi in the Delaware District of the US Bankruptcy Court okayed the <a class=\"read-more-link\" href=\"https:\/\/www.texaselectricityratings.com\/blog\/court-approves-sale-oncor\/\">Read More<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"_mbp_gutenberg_autopost":false},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Court Approves Sale of ONCOR - Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.texaselectricityratings.com\/blog\/court-approves-sale-oncor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Court Approves Sale of ONCOR - Blog\" \/>\n<meta property=\"og:description\" content=\"It\u2019s costing NextEra an extra $300 million in cash and an agreement to pick up the debt and asbestos liabilities from the Texas electricity distribution business. Energy Future Holdings unsecured creditors will also get $450 million more. As of Sept. 20, Judge Christopher Sontchi in the Delaware District of the US Bankruptcy Court okayed the Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.texaselectricityratings.com\/blog\/court-approves-sale-oncor\/\" \/>\n<meta property=\"og:site_name\" content=\"Blog\" \/>\n<meta property=\"article:published_time\" content=\"2016-09-21T19:41:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.texaselectricityratings.com\/blog\/wp-content\/uploads\/2016\/09\/iStock_91800003_SMALL.jpg\" \/>\n<meta name=\"author\" content=\"Neil Bowery\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Neil Bowery\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.texaselectricityratings.com\/blog\/#website\",\"url\":\"https:\/\/www.texaselectricityratings.com\/blog\/\",\"name\":\"Blog\",\"description\":\"Compare the Best Electricity Rates in Texas\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.texaselectricityratings.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.texaselectricityratings.com\/blog\/court-approves-sale-oncor\/\",\"url\":\"https:\/\/www.texaselectricityratings.com\/blog\/court-approves-sale-oncor\/\",\"name\":\"Court Approves Sale of ONCOR - Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.texaselectricityratings.com\/blog\/#website\"},\"datePublished\":\"2016-09-21T19:41:24+00:00\",\"dateModified\":\"2016-09-21T19:41:24+00:00\",\"author\":{\"@id\":\"https:\/\/www.texaselectricityratings.com\/blog\/#\/schema\/person\/e909d37c75b669d85c318656f05e4ef6\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.texaselectricityratings.com\/blog\/court-approves-sale-oncor\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.texaselectricityratings.com\/blog\/court-approves-sale-oncor\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.texaselectricityratings.com\/blog\/court-approves-sale-oncor\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.texaselectricityratings.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Court Approves Sale of ONCOR\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.texaselectricityratings.com\/blog\/#\/schema\/person\/e909d37c75b669d85c318656f05e4ef6\",\"name\":\"Neil Bowery\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.texaselectricityratings.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/999b9379747b75698961c8264546803b?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/999b9379747b75698961c8264546803b?s=96&d=mm&r=g\",\"caption\":\"Neil Bowery\"},\"description\":\"An energy writer writing about the electric energy marketplace &amp; a bunch of other fun stuff.\",\"sameAs\":[\"http:\/\/www.TexasElectricityRatings.com\"],\"url\":\"https:\/\/www.texaselectricityratings.com\/blog\/author\/n_bowery\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Court Approves Sale of ONCOR - Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.texaselectricityratings.com\/blog\/court-approves-sale-oncor\/","og_locale":"en_US","og_type":"article","og_title":"Court Approves Sale of ONCOR - Blog","og_description":"It\u2019s costing NextEra an extra $300 million in cash and an agreement to pick up the debt and asbestos liabilities from the Texas electricity distribution business. 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