British Energy

The privatised nuclear power generator, supplying 20% of Britain’s electricity, had to be bailed out by the government to the tune of £410m in 2002 to meet the company’s debts. A restructuring deal was agreed in which the company’s creditors agreed a debt-for-equity swap in which they take control of 97.5% of the shares leaving the existing shareholders with just 2.5%. The restructuring deal has been extended to March 2005. British Energy was delisted from the London Stock Exchange as part of the agreement from where it was first privatised as part of the Tories electricity privatisation.