Battersea Power Station owner accepts many creditors
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The agreement ensures that provides Irish developer of Real Estate at the power plant-derived and float it to advance a redevelopment of. 5bn ￡ 4 proposed remain on track. However, LWR is now "account options" as he battles to find a way to refinance or repay loans in August, with a potentially required raising equity.
The company acquired Battersea Power Station 400 m ￡ in 2006, but the real estate market slowdown caused the violation of the commitments on 263 m ￡ protected powerhouse with Bank of Scotland and the Ireland bank debt.
Lloyd's, Irish bad Bank of Scotland and Nama, the vehicle Bank owner now control the loan from the Bank of the Ireland agreed to abandon the Covenant violations and to extend loans to the 31 August next year.
However, was conditional on the REO securing an agreement with oriental property, the former owner of the station power to postpone "principal and interest payments" 150 million pounds of loan notes that he holds.
Monday, REO confirmed that an agreement with oriental to delay payment until May 2011, when debt expire.Au 31 August, the capital and interest owing ￡ 6.5 m.Une Announces on the refinancing arrangements will be made "in a timely manner.
Wandsworth Council is expected to announce a decision on the proposals for planning for the power station site next month.
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