Shares have been suspended as the UK’s biggest nuclear generator pursues talks with the DTI on financial support and longer-term restructuring.
It warned: ‘If these discussions are not successful, the company may be unable to meet its financial obligations as they fall due and therefore the company may have to take appropriate insolvency proceedings.’
British Energy, which generates over one-fifth of Britain’s electricity, has suffered from low market prices and faces refinancing of several hundred millions of pounds of debt. Its increasingly elderly power stations have faced reliability issues.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies