SAO PAULO, July 17 (Reuters) - A reorganization plan submitted by Rio de Janeiro-based electricity distributor Light last week attracted criticism from a group of local debt holders, who believe the proposal places all the restructuring burden on them, according to their attorney.

With 11 billion reais ($2.27 billion) of debt to restructure, the company presented six payment alternatives to creditors, including one that foresees payment in cash for unsecured creditors who accept a 60% reduction on the value of their claims.

The group of dissatisfied lenders holds around 5 billion reais of Light's local bond debt.

"The plan does not impose any sacrifice on the shareholders," said Jose Neves, the attorney advising this creditor group.

Luiz Ayoub, the lawyer representing Light, rebutted criticism by saying shareholders injected 3 billion euros into Light in the last four years, despite its operating and financial difficulties and amid a drop of more than 60% in company's share price over the period.

He also said Light paid out 4 billion reais in interest and amortizations between October 2021 and March 2023.

Ayoub noted that as creditors will have the option to convert part of their claims into stock, shareholders will be diluted immensely.

In a parallel court dispute, the local debt holders have challenged Light's right to seek creditor protection because a law forbids electricity distributors from resorting to such a measure in Brazil.

To circumvent that, the bankruptcy filing was made by the distributor's parent company, which requested extended protection for the companies that it operates, including the Rio de Janeiro utility, which provides services in 31 municipalities.

A decision is still pending on the matter of the filing by the parent company, which could affect how the company's reorganization plays out.

($1 = 4.8425 reais) (Reporting by Leticia Fucuchima; Writing by Ana Mano; Editing by Bernadette Baum)