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Energy Future Holdings filed for Chapter 11 bankruptcy reorganization in a Delaware court on Tuesday after agreeing with key financial stakeholders to keep its power-producing businesses operating in Texas while it reduces roughly $40 billion in debt.

The company owns TXU Energy, a retail electricity provider, and Luminant, the state's largest power generator, but the bankruptcy is not likely to have a short-term impact on consumers because the distribution and production will continue normally. In the long term, however, analysts and experts have suggested the company's reliance on coal could diminish as it becomes more costly to meet federal clean air regulations, which could lead to the shutdown of old facilities.

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