British Energy FD to step down
Keith Lough, the finance director of embattled nuclear generator British Energy, is to step down just days after creditors agreed a rescue plan to save the company from the threat of administration.
Lough, who was previously chief financial officer of Hurricane Hydrocarbons of Canada, has been finance director since late 2001.
British Energy only narrowly avoided going into administration last week after a deal was reached with banks and bondholders to keep the troubled firm, which provides a fifth of the UK’s electricity needs, out of administration.
The complicated package, which still has to be approved by the European competition authorities, will leave shareholders with just a fraction of the company.
In June British Energy announced losses of £4.3bn after slashing the value of its power plants.