Energy Future Holdings Corp. has launched part of a multibillion-dollar financing effort designed to bail out one of the two major lines of business caught up in its Chapter 11 bankruptcy, Energy Future Intermediate Holding.

The Texas power seller’s subsidiary is offering its first-lien lenders a chance to swap their old debt, nearly $4 billion, for new debt in the form of a bankruptcy loan. Energy Future Intermediate owns 80% of Oncor, a Texas transmission business that is not involved in the bankruptcy.

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