FW Star-Telegram.

EFH has been working with its lenders on a pre-packaged Chapter 11 bankrutpcy petition to lighten more than $40 billion in debt, taken on in a 2007 buyout of the former TXU Corp. EFH said it made the SEC filing because it shared confidential business information with the creditors, whose confidentiality agreements expired Tuesday.....

The company faces a possible bankruptcy by Nov. 1, the filing shows. Energy Future is due to make about $270 million in interest payments Nov. 1 — cash that senior creditors want the company to retain by filing for bankruptcy. Energy Future’s board is scheduled to meet the week of Oct. 28.

The restructuring of Energy Future’s debt won’t change any operations, customer service or involve cutting jobs or employee benefits, according to a letter sent to staff obtained by Bloomberg News and confirmed by Allan Koenig, a company spokesman.

Well, they already DID cut employee benefits.

Energy Future is close to obtaining a loan of more than $3 billion in preparation for bankruptcy, Bloomberg News reported last week, citing people with knowledge of the situation.