Excerpts: Energy Future plan may wipe out KKR, TPG, Goldman unit

• A plan being discussed to reorganize Energy Future Holdings Corp will all but wipe out owners KKR & Co, TPG Capital and Goldman Sachs Capital Partners, Bloomberg reported, citing three people with direct knowledge of the negotiations.
• 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, the report said.
• 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.
• 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.

Source: Bloomberg