BusinessBusiness RecoveryReceivers hovering over British Energy

Receivers hovering over British Energy

British Energy could be taken on by KPMG administrative receivers if the embattled utilities giant fails to persuade creditors to accept its new re-financing package.

Link: Administration still a threat at British Energy

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.

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