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.