News

REO

Further re renegotiation of sterling loan facility agreements relating to Battersea Power Station

4th October 20110

The Company announced on 7 September 2010 that the group’s £225 million power station facility with Bank of Scotland plc and The Governor and Company of the Bank of Ireland (on behalf of the National Asset Management Agency) and £37.55 million site assembly facility with Bank of Scotland plc have been extended to 31 August 2011 and all existing breaches been waived.  The agreement was conditional, inter alia, on the Company effecting a compromise by 1 October 2010 with the holder of the £150 million series A and series B loan notes including in relation to all principal and interest.  Negotiations with the loan note holder are ongoing and the lenders under the Battersea facilities have agreed to extend the date for a compromise to be reached to 10 October 2010. A further announcement will be made in due course.