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Tuesday, January 19, 2021

Competing bid for Oncor gains a little time for plan

A competing bid to that of Berkshire Hathaway for Texas’ Oncor Electric Delivery Co. has won a little more time.

According to a Reuters report, a U.S. bankruptcy judge has given New York-based Elliott Management Corp. an additional 11 days to come up with a plan before the court seals the deal on a $9 billion offer by Warren Buffett’s Berkshire Hathaway.

Elliott is the largest creditor of Oncor’s bankrupt parent, Energy Future Holdings Corp. It is offering $9.3 billion.

Berkshire Hathaway’s bid already has the tacit approval of regulators in Texas, an issue that had stalled previous bids from members of the Hunt family and Next Era.

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