British Energy completes restructuring

By Jeff Pines

Washington, Jan. 14 - British Energy plc said it obtained court approval to proceed with its planned restructuring and it become effective on Friday. The British nuclear energy company obtained shareholder and creditor approvals on Dec. 22.

"The restructuring has been successfully implemented but our job is far from over," Mike Alexander, British Energy's chief executive officer, in a news release.

"The new management team has started to address the past under-investment and unacceptable output. We must put that right but it will not be easy and it will take time.

"British Energy's staff have made a massive effort to deliver the restructuring and are hugely enthusiastic about the new opportunity to develop the company again. Together, we are determined to focus all of our energies on making British Energy an efficient and competitive player in the UK electricity market," he said.

Trading in the new shares and warrants of British Energy Group plc and the new bonds of British Energy Holdings plc will begin at 8 a.m. GMT on Jan. 17.

Shareholders who picked the equity option will receive one new share and 2.1 warrants for each 50 British Energy ordinary or A shares held at 6 p.m. GMT on Jan. 13. British Energy shareholders who did not pick the stock option will receive the proceeds of the sale of the stock and warrants.

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