Energy Future Holdings Corp., the Texas power company Henry Kravis and David Bonderman took private in 2007 in the biggest-ever leveraged buyout, filed for bankruptcy after reaching a deal to cut billions in debt.
The filing today in Wilmington, Delaware, is the result of months of wrangling among creditors, owners and management, and comes after a wave of deregulation opened Texas's wholesale energy market to competition.
Energy Future, formerly known as TXU Corp., had bet wrongly that the price of natural gas, used to make electricity, would rise enough to justify the company's $48 billion price.
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