British Energy says succeeds in court action against Credit Suisse on Eggborough |
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Tue, 19 Jun 2007 12:11
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LONDON (Thomson Financial) - British Energy Group PLC (BEG) said it has succeeded in its court action against Credit Suisse, in respect of BEG's rights over the Eggborough Power Station.The proceedings concerned a scheme by which Credit Suisse, as holder of about 90 pct of the Eggborough debt, sought to transfer the benefit of its rights to acquire Eggborough in 2010.The lending banks have the right to acquire Eggborough on March 31 2010, a right exercisable at any time prior to Aug 31 2009.The outcome of the court action preserves the effect of BEG's pre-emption rights, should the lending banks seek to sell or transfer their option rights to a third party before March 31 2010, BEG said.TFN.newsdesk@thomson.comjro/gpCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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