Wednesday July 26 2017
Bankruptcy Court Approves Schedule for Oncor Acquisition
- Filed Under:
- News Release
- Berkshire Hathaway Energy
DES MOINES, Iowa – July 26, 2017 – The U.S. Bankruptcy Court today 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.
Berkshire Hathaway Energy
Berkshire Hathaway Energy owns a portfolio of locally managed businesses that share a vision for a secure energy future, make sustainable investments to achieve that vision and had $85 billion of assets as of Dec. 31, 2016. These businesses deliver affordable, safe and reliable service each day to more than 11.6 million electric and gas customers and end-users around the world and consistently rank high among energy companies in customer satisfaction. Berkshire Hathaway Energy is headquartered in Des Moines, Iowa, U.S.A. Additional company information is available at www.berkshirehathawayenergyco.com.
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