The system design process needs to cope with the increasing complexity and size of systems,motivating the replacement of labor intensivemanual techniques with automated and semi-automated approaches.Recently, formal methods techniques, such as model-based verification and safety assessment, have been increasingly used to model systems under fault and to analyze them, generating artifacts such as fault trees and FMEA tables. In this paper, we show how to apply model-based techniques to a realistic case study from the avionics domain: a high integrity power distribution system, the Triple Modular Generator (TMG). The TMG is composed of a redundant and reconfigurable plant and a controller that must guarantee a high level of reliability. The case study is a significant challenge, from the modeling perspective, since it implements a complex reconfiguration policy, specified via a number of requirements in natural language, including a set of mutually dependent and potentially conflicting priority constraints. Moreover, from the verification standpoint, the controller must be able to handle an exponential number of possible faulty configurations. Our contribution is twofold. First, we formalize and validate the requirements and, using a constraint-based modeling style, we synthesize a correct by construction controller, avoiding the enumeration of all possible fault configurations, as is currently done by manual approaches. Second, we describe a comprehensive methodology and process, supported by the xSAP safety analysis platform that targets the modeling and safety assessment of faulty systems. Using xSAP, we are able to automatically extract minimal cut sets for the TMG. We demonstrate the scalability of our approach by analyzing a parametric version of the TMG case study that contains more than 700 variables and 90 faults.