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Press Release

 

Teesside Power Limited sells a trade claim against British Energy plc

 

July 12, 2004 - 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.

 

The Fieldstone team was led by Andrew Smith-Maxwell, a managing director based in the London office.