Energy Future Holdings Corp., the Texas power company Henry Kravis and David Bonderman took private in 2007 with Goldman Sachs Group Inc. in the biggest- ever leveraged buyout, filed for bankruptcy after reaching a deal to cut billions in debt.

Today’s filing in Delaware is the result of months of wrangling among creditors, owners and management, and represents the failure of a bet that natural-gas prices would rise enough to justify the company’s $48 billion price. Instead, the financial crisis, coupled with booming shale production, sent gas prices down starting in 2008.

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