Mike Alexander, chief executive of British Energy, said his company was holding talks with bondholders and banks to persuade them to accept the re-financing of its £12m debt.
He told The Times that the results of the talks would be a close call, but said he was confident the company could persuade creditors because they face even bigger losses if British Energy goes into administration.
The beleaguered company has been in financial dire straits since last year. It is thought that KPMG has been behind the scenes restructuring the company.
Yesterday Patricia Hewitt, the trade and industry secretary, repeated her warning that the nuclear generating company, which supplies a fifth of the UK’s electricity, would be forced into administration and effectively renationalised if creditors did not agree to the restructuring by the 30 September deadline.
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