Drax Power Plant

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	Situational Analysis AES Drax, at 3,960 MW, is the largest power station in Western Europe. The plant has been operating under standstill agreements from its senior lenders pending a restructuring of the senior debt, following the bankruptcy of TXU Europe, its major off-taker AES, the parent company of AES Drax, withdrew from the formal restructuring process in July 2003, opening the way for other offers. Fieldstone Role Fieldstone was the exclusive advisor to Goldman Sachs in the proposed purchase of the senior debt and equity in the restructured company. Fieldstone’s role included management, coordination and cooperation with Goldman Sachs and other advisors in relation to the preparation of the offer. Fieldstone undertook the review of the Financial Model, with related analysis of the key assumptions and sensitivities, summarising key risk areas. Fieldstone analysed all financial aspects of the major contractual liabilities, including coal, insurance and maintenance contracts.

Situational Analysis

AES Drax, at 3,960 MW, is the largest power station in Western Europe.

The plant has been operating under standstill agreements from its senior lenders pending a restructuring of the senior debt, following the bankruptcy of TXU Europe, its major off-taker

AES, the parent company of AES Drax, withdrew from the formal restructuring process in July 2003, opening the way for other offers.

Fieldstone Role

Fieldstone was the exclusive advisor to Goldman Sachs in the proposed purchase of the senior debt and equity in the restructured company.

Fieldstone’s role included management, coordination and cooperation with Goldman Sachs and other advisors in relation to the preparation of the offer.

Fieldstone undertook the review of the Financial Model, with related analysis of the key assumptions and sensitivities, summarising key risk areas. Fieldstone analysed all financial aspects of the major contractual liabilities, including coal, insurance and maintenance contracts.