British Energy New Bonds and Equity

Situational Analysis

Teesside Power Limited, the owner of a 1,875MW gas fired plant in Northeast England and the single largest creditor of British Energy, auctioned its £159 million trade claim against British Energy.

 

The claim was sold to a financial party on a non-recourse basis for £195.6 million. Upon the successful restructuring of British Energy, the buyer of the claim will receive £43.5 million of new bonds (face value) and 14% of equity in the restructured company.

 

Fieldstone Role

 

Fieldstone acted as exclusive financial advisor to Teeside Power Limited in the valuation and auction process.