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Re: Enterprising Investor post# 15

Thursday, 01/15/2015 11:14:32 AM

Thursday, January 15, 2015 11:14:32 AM

Post# of 79
Bankruptcy judge OKs Energy Future Holdings to move ahead on Oncor auction (1/14/15)

A U.S. bankruptcy judge told Texas power giant Energy Future Holdings on Wednesday that it can move ahead on auctioning off its transmission arm, Oncor.

Judge Christopher Sontchi set the deadline for opening bids for March 2. The process is expected to stretch through the summer and attract some of the largest players in the Texas power industry.

Companies that have expressed interest in Oncor, which maintains Texas’ largest power line network, include Hunt Consolidated, the Dallas energy company led by billionaire Ray L. Hunt, Florida-based power giant NextEra Energy and Houston utility CenterPoint Energy.

EFH filed for bankruptcy in April, seeking protection from $40 billion in debt largely amassed during a 2007 leveraged buyout by private equity firms KKR & Co. and TPG. EFH announced it was putting Oncor up for auction in August after Hunt and NextEra offered competing bids for the company. EFH CFO Paul Keglevic put the value of NextEra’s bid at $18 billion.

In November, Sontchi put a halt to the process, telling EFH it was moving too quickly and had failed to work with creditors. Tuesday the power company filed a motion arguing it had carried out the judge’s orders and requested that the auction process resume.

An EFH spokesman declined to comment Wednesday.

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