In re Energy Future Holdings Group arose from the bankruptcy of Energy Future Holdings and its affiliates (“Debtors”). The Debtors’ most valuable asset was a significant economic interest in Texas’s largest electric and power transmission and distribution company, which Appellant NextEra Energy Inc. agreed to buy through a Merger Agreement. The sale did not go through, and NextEra sought to be compensated for its efforts under the Merger Agreement. The Bankruptcy Court granted a motion to dismiss NextEra’s Expense Application. The District Court affirmed, and the Third Circuit reversed. Taking all inferences in NextEra’s favor, it plausibly alleged that it was not foreclosed from receiving administrative expenses under 11 U.S.C. § 503(b)(1)(A).
