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Energy Future Reaches Bankruptcy Deal

Biggest LBO ever ran aground after a wave of deregulation.

By Linda Sandler, Tiffany Kary and Steven Church, Bloomberg News | Updated on April 29, 2014

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.

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