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UPDATE 1-Energy Future trying to reach debt-restructuring deal

(Changes source)

March 26 (Reuters) - Texas power generator Energy Future Holdings Corp is in last-minute talks with creditors to reach a debt-restructuring deal and may consider delaying the filing of its annual report, two sources told Reuters.

Energy Future (EFH), expected to file its annual report in early April, may try to buy time to negotiate by delaying the filing, which could contain a "going concern" clause and trigger a default on its loans.

Reuters reported earlier this month that people close to the case expect the company to file for Chapter 11 as soon as this month to avoid the default.

EFH, formerly TXU Corp, was the largest generator in Texas before a $45 billion buyout in 2007.

The largest-ever leveraged buyout, by a consortium that included private equity firms KKR & Co, TPG Capital Management LP and a unit of Goldman Sachs Group Inc , saddled the company with more than $40 billion in debt just before a sharp decline in natural gas and wholesale power prices.

The company operates the biggest transmission and distribution network in Texas.

(Reporting by Avik Das in Bangalore and Nick Brown in New York; Editing by Don Sebastian)