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Energy Future gets Chapter 11 plan confirmation, clears way for NextEra deal

Feb. 17, 2017 12:22 PM ETNextEra Energy, Inc. (NEE) StockNEEBy: Carl Surran, SA News Editor
  • A bankruptcy judge confirms the bankruptcy exit plan of Energy Future Holdings, clearing the way for NextEra Energy's (NEE) planned acquisition of the Oncor transmissions business.
  • The confirmation sets the stage for hearings before the Public Utility Commission of Texas, which must approve NEE's Oncor acquisition.
  • NEE will pay $4.4B in cash and stock, plus pay off $5.4B in financing that helped Energy Future through bankruptcy, to gain control of Oncor, which carries power to ~10M Texas customers.
  • Confirmation came despite protests of lawyers for people claiming asbestos injuries they say are attributable to Energy Future affiliates; NEE has set aside $100M to pay asbestos personal injury claims filed in Energy Future’s chapter 11 proceeding.

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