Dallas mogul Ray L. Hunt has withdrawn a nearly $18 billion buyout offer for the largest electricity utility in Texas but plans to pursue a new deal.
Hunt Entities on Wednesday notified the Public Utility Commission of Texas that it was pulling out, citing a withdrawal of support from creditors of Oncor's bankrupt parent company, Energy Future Holdings.
State regulators approved the Hunt plan to reorganize Dallas-based Oncor into a real estate investment trust in March -- on condition that tax savings from a corporate restructuring be passed onto ratepayers.
Hunt wanted the $250 million in tax savings to instead go toward paying off creditors.
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The sale of Oncor was seen as the centerpiece of Energy Future's exit from bankruptcy but the company announced an alternative restructuring plan May 1.