The U.S. Bankruptcy Court adopted key hearing dates for future bankruptcy proceedings related to Berkshire Hathaway Energy’s offer to purchase Energy Future Holdings Corp. (EFH) and, ultimately, Oncor Electric Delivery Company LLC.
“We are pleased with the Bankruptcy Court’s decision, which maintains the timelines set forth in our merger agreement,” said Greg Abel, Berkshire Hathaway Energy chairman, president and CEO. “Our offer is a simple, straightforward deal that is beneficial to Oncor’s customers. Once the necessary approvals are received, we’re looking forward to Oncor joining the many Berkshire Hathaway businesses that are helping to grow the economy in Texas.”
As a member of Warren Buffett’s Berkshire Hathaway Inc. family of businesses, Oncor would receive the financial support to continue investing capital in critical infrastructure that will make the Texas energy grid even stronger and more reliable.
Establishing the bankruptcy court schedule was an important part of the acquisition process. Berkshire Hathaway Energy will continue working with stakeholders in Texas to garner additional support for its bid for Oncor.
So far, 10 major stakeholder and consumer groups have endorsed the deal and its 47 regulatory commitments that benefit the stakeholders in Texas.
© 2017 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.