USA – Energy Future Lights up Chapter 11 Petition
NEW YORK (The Deal) -- Following months of speculation on when it would file for bankruptcy, private equity-backed Energy Future Holdings has commenced Chapter 11 proceedings to implement a restructuring that would split the company between creditors and eliminate more than $26 billion in debt. The Dallas electricity provider, once the subject of what was the largest leveraged buyout ever to that time, submitted a petition on early Tuesday morning in the U.S. Bankruptcy Court for the District of Delaware in Wilmington. Judge Christopher S. Sontchi has not yet set a hearing on the company's first-day motions, including a request for joint administration of the case with those of 70 affiliates, but the company said in a statement it expected a hearing within 48 hours. Energy Future Holdings has lined up…