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3rd Circ. Leaves EFH Off Hook For $275M Breakup Fee

Law360 (September 13, 2018, 8:49 PM EDT) -- A divided Third Circuit panel on Thursday upheld a decision relieving the bankrupt Energy Future Holdings Inc. from paying a $275 million termination fee after a deal to sell its interest in a power distribution system to NextEra Inc. failed to win approval from Texas utility regulators.

The appeals court rejected arguments from NextEra that one of EFH’s creditors had waited too long to challenge a September 2016 order approving the company’s $18.7 billion deal to sell its stake in Oncor Electric Delivery Co. LLC, which...
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