(Adds no comment from Goldman Sachs, KKR and TPG Capital)
April 2 (Reuters) - A plan being discussed to reorganize power company Energy Future Holdings Corp will all but wipe out the investments of owners KKR & Co, TPG Capital and Goldman Sachs Capital Partners, Bloomberg reported.
The private equity firms may accept as little as 1 percent of the equity in debt-laden Energy Future Holdings after it completes a Chapter 11 restructuring, Bloomberg reported, citing three people with direct knowledge of the negotiations. (http://r.reuters.com/dum28v)
Energy Future was formed after KKR, TPG and the unit of Goldman Sachs Group Inc led a record $45 billion leveraged buyout of former TXU Corp in 2007.
Energy Future was expected to report that its auditor had determined it could not survive as a going concern, a finding that would have triggered a default on its loans and a likely bankruptcy filing.
However, the company said on Monday it has extended a deadline to file its annual report, giving it more time to negotiate with creditors as it seeks an agreement to reduce its crushing debt of more than $40 billion.
Sources close to the debt restructuring talks have told Reuters that the company is likely to be broken up in bankruptcy.
The proposal, which may still fall through, would also give full legal releases to KKR, TPG and Goldman Sachs, Bloomberg said.
Energy Future was not immediately available for comment outside regular U.S. business hours.
Goldman Sachs, KKR and TPG declined to comment on the report.
Energy Future owns 14 power plants, including five coal-fired plants. Its generation business, Luminant, and regulated distribution unit, Oncor, both rank among the largest in the United States.
(Reporting by Supriya Kurane in Bangalore; Editing by Joyjeet Das and Maju Samuel)