Energy Future Holdings Corp., the subject of the largest leveraged-buyout ever, revised a $1.9 billion loan to help it emerge from bankruptcy after a group of creditors submitted a competing plan with NextEra Energy Inc., Bloomberg News reported yesterday. The original second-lien debtor-in-possession loan will convert into 60 percent of the equity in a newly reorganized company, down from 64 percent initially described in the restructuring proposal. The interest rate on the debt will be reduced to 6.25 percent from 8 percent. The former TXU Corp. filed for chapter 11 protection on April 29 in a bid to restructure its $49.7 billion of debt after falling natural gas prices undercut the electricity provider’s ability to remain profitable. KKR & Co., TPG Capital and the private-equity unit of Goldman Sachs Group Inc. took Dallas-based Energy Future private for $48 billion in 2007.
