Hunt drops nearly $18 billion offer for Dallas-based Oncor

Oncor

DALLAS (AP) — Dallas mogul Ray L. Hunt has withdrawn a nearly $18 billion buyout offer for the largest electricity utility in Texas but plans to pursue a new deal.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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs