Energy Future Holdings is planning to restructure its debt and extend the maturity date of its $22 billion in loans, The Wall Street Journal reports. The Texas electric utility has asked its lenders to waive restrictive covenants and to extend the maturity of their loans to 2016 and 2017 from 2013 and 2014. As part of the restructuring deal, the company will pay about $1 billion to the loan holders. Energy Future will use about $642 million in cash on hand and proceeds from a new bond sale of $1.9 billion to pay participants in the deal 4% upfront fee and to retire some of the loans early.

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