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Consider the impending debt restructuring at Energy Future Holdings a high-stakes game of Texas hold ’em. Energy Future, the former TXU, is the Texas utility that went private in a $45-billion (U.S.) leveraged buyout during the heady days of 2007. The private equity firms behind the transaction, led by KKR and TPG, paid a seemingly modest 8.5 times operating cash flow for a company that sold a product (electricity) that everybody needed.