Calls for debt-laden British Energy to revise the terms of a life-saving restructuring agreed last year were today rejected by its chairman.
Adrian Montague said the arrangements with creditors were "binding", even though conditions in its market have improved because of higher power prices.
Shareholders will be left with 2.5% of the company following the Government-backed restructuring, which was agreed last year but has taken longer to complete because of the need for European Commission state aid clearance.
Polygon Investments, a fund owning 5.6% of the nuclear generator, is leading calls for shareholders to be given a larger stake in the restructured group.
The restructuring plan, which was drawn up in October 2003, involved banks and bondholders agreeing to write off £1.3 billion in debt in return for control of the group.
Wednesday August 04, 2004
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