(Corrects fifth paragraph to show NextEra is based in Juno Beach, Florida, and not Diller, Nebraska)
By Tom Hals
June 24 (Reuters) - Energy Future Holdings rejected a $2.3 billion restructuring plan by NextEra Energy Inc that would have given the alternative energy group a large stake in Energy Future's power lines unit, according to court filings.
The proposal was made by NextEra and a group of investors that hold second-lien notes issued by Energy Future's EFIH unit, which in turn controls the Oncor power distribution business.
EFIH, or Energy Future Intermediate Holding, rejected the proposal late on Monday in favor of a proposal already advanced by a group of investors who hold the unit's unsecured bonds, according to documents filed with the U.S. Bankruptcy Court in Wilmington, Delaware.
NextEra, the largest U.S. generator of renewable energy, had committed to contribute $1 billion to the proposal, which took the form of a loan that would convert to equity in EFIH at the end of the bankruptcy.
Shares of NextEra were up about 1.3 percent at $100.76, near a 52-week high, in afternoon trade on the New York Stock Exchange. The company is based in Juno Beach, Florida, and a company spokeswoman said NextEra does not comment on potential transactions.
Energy Future filed one of the largest U.S. bankruptcies in April and seeks to restructure more than $40 billion in debt.
Energy Future also plans to spin off the unit that owns the TXU Energy retail utility and the power generating business known as Luminant to holders of $24.4 billion in secured debt. That part of its restructuring would not be affected by NextEra's proposal.
Energy Future took on much of its debt in 2007, when it was formed with the record buyout of TXU Corp, led by KKR & Co , TPG Capital Management and the private equity arm of Goldman Sachs.
The deal turned out to be an ill-timed bet on natural gas prices, which soon began to plummet.
The private equity sponsors of the buyout are likely to lose almost their entire investments in the bankruptcy.
The case is In Re: Energy Future Holdings Inc, U.S. Bankruptcy Court, District of Delaware, No. 14-10979 (Reporting by Tom Hals in Wilmington, Delaware; Editing by Bernard Orr)