Bidding begins for sale of Energy Future Holdings' stake in Oncor
Sep 22, 2014, 6:13am CDT Updated: Sep 22, 2014, 7:18am CDT
Digital Content Producer- Dallas Business Journal
Let the bidding begin.
The Wall Street Journal reported that bidding is open on Energy Future Holdings Corp.'s 80 percent stake in Oncor, the Dallas-based power transmission business that has been caught up in Energy Future Holdings' Chapter 11 bankruptcy proceeding.
The competition began Friday evening, the Journal said. Hunt Consolidated Inc. and NextEra Energy Inc. are among those interested in acquiring the business from Dallas-based EFH.
The opening of the bidding process seems to countermand an earlier request by EFH, which asked the bankruptcy court in August to delay to the bidding to at least early 2015 and asked the U.S. Bankruptcy Court in Delaware to take over the auction process.
Energy Future Holdings filed for bankruptcy in April because of its crushing debt of more than $40 billion, left over from its creation by a leveraged buyout of the former TXU Electric.
EFH was created in 2007 in the largest-ever leveraged buyout by Fort Worth-based TPG Capital, KKR & Co., and Goldman Sachs Group Inc., but its bet on rising natural gas prices failed as gas prices fell dramatically.