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The Australian reports that a private equity consortium has briefed creditors on a plan to help Alinta Energy Group Ltd (ASX:AEJ) dramatically cut its debt.

The newspaper reports the plan, which would reduce Alinta's debts to $1.55 billion, from around $2.8 billion, includes a partial debt-for-equity swap and an underwritten rights issue of around $300 million.

It would also involve a revamp of Alinta's management team, with Alinta stakeholder TGP seeking to introduce a new board of directors.

According to the newspaper, the plan is being backed by TPG Opportunities Partners, TPG private equity funds, Anchorage and Oaktree Capital, which hold a combined 35 per cent of Alinta's $2.6 billion in senior loan facilities,.

Alinta Energy posted a $577million loss in 2010.