DALLAS (AP) — Dallas mogul Ray L. Hunt has withdrawn a nearly $18 billion buyout offer for the largest electricity utility in Texas but plans to pursue a new deal.
Hunt Entities on Wednesday notified the Public Utility Commission of Texas that it was pulling out, citing a withdrawal of support from creditors of Oncor's bankrupt parent company, Energy Future Holdings.
State regulators approved the Hunt plan to reorganize Dallas-based Oncor into a real estate investment trust in March — on condition that tax savings from a corporate restructuring be passed onto ratepayers.
Hunt wanted the $250 million in tax savings to instead go toward paying off creditors.
The sale of Oncor was seen as the centerpiece of Energy Future's exit from bankruptcy but the company announced an alternative restructuring plan May 1.