Battersea Power Station
14/12/2011 by Buildington

The developer of Battersea Power Station was put into administration by a judge after the owners failed to repay senior lenders owed more than 500 million pounds ($781 million).

Judge Geoffrey Charles Vos in London granted a request by creditors led by Lloyds Banking Group Plc and Ireland’s National Asset Management Agency to appoint an administrator to sell the site on Monday. The creditors will try to recover the entire 502 million pounds owed by the project’s owners by selling the site or the debt.

Ernst & Young has been appointed as the administrator for investment companies of Real Estate Opportunities Plc including REO Power Station Ltd. and REO Site Assembly Ltd.

Read the full story by Bloomberg http://www.businessweek.com/news/2011-12-13/battersea-power-station-put-into-administration-by-london-judge.html

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