SAO PAULO, July 15 (Reuters) - Rio de Janeiro-based electricity distributor Light SA has submitted a plan to restructure about 11 billion reais ($2.30 billion) of debt, according to a securities filing late on Friday.

Light filed for bankruptcy protection in May, becoming the latest high-profile Brazilian firm to do so in recent months.

The plan, which has yet to be approved by the lenders of the company, foresees a number of repayment and capitalization options. Light said it will seek to raise at least 1 billion reais ($209 million) of new funds as part of its reorganization plan.

In one, unsecured creditors would accept a 60% discount to be repaid at once. There is also a provision to convert unsecured debt into equity in the proposed restructuring.

Another payment option involves the issuance of new debt securities to unsecured creditors, to be placed with a 20% discount on face value.

Light would repay the principal on such new debt securities in 15 years, including a five-year waiting period.

The company's creditors have yet to evaluate and approve the plan formally. Changes to the proposal are expected as talks progress, as is common in these situations.

Light provides services in 31 municipalities in the state of Rio de Janeiro, and has around 4.5 million customers.

It has maintained services even after filing for bankruptcy.

($1 = 4.7899 reais) (Reporting by Ana Mano and Letícia Fucuchima in Sao Paulo Editing by Matthew Lewis)