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Gold/Mining/Energy : British Energy
BGY 5.840+0.2%Dec 24 4:00 PM EST
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To: Copperfield who started this subject2/2/2003 2:08:13 PM
From: Copperfield   of 25
 
British Energy Restructuring Deal In Jeopardy
Sunday February 2, 5:10 am ET

LONDON - A major creditor of British Energy PLC is threatening to block the troubled company's GBP1.3 billion restructuring deal, according to The Business newspaper.
As part of the deal, bondholders of British Energy - one of the U.K.'s largest electricity generators - agreed to swap their existing debt for a combination of new bonds and equity, based on the continuing financial support of the government.

However, The Business reports that a major creditor - said to be Barclays PLC's Barclays Bank - could block the plan, which requires the participation of all creditors.

The deadline for agreement on the restructuring package is Feb. 14
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