KKR to TPG Stakes Seen Cut Down in Energy Future Workout

Energy Future Holdings Corp.’s owners including KKR & Co., TPG Capital and Goldman Sachs Capital Partners will get a reduced stake in the power provider under a pre-negotiated bankruptcy proposal being hammered out between two of its creditor groups.

Secured lenders plan to meet with bondholders later this week to complete an offer that would give Energy Future’s owners, which took the company private in a record $48 billion leveraged buyout in 2007, 9 percent of the equity to share with unsecured lenders in a reorganized corporation, according to three people with knowledge of the negotiations.