Troubled nuclear group launches following restructuring move
UK nuclear generator British Energy has re-listed on the London Stock Exchange following its debt clearing restructuring. The group is also on the New York Stock Exchange with new American depositary receipts. The company’s stock trades at around 280 pence per share (euro 3.95). Electricity prices have risen nearly 50% since the company was forced to restructure back in September 2002 and over capacity has been relieved by steadily rising demand. However, the company is still locked into uncompetitive power supply contracts and still owns elderly nuclear plant despite a government backed £650 million (euro 916 million) loan and restructuring package, which included a debt-for-equity swap, and the government assuming billions in nuclear decommissioning liabilities.