Lights off for British Energy?
British Energy, the UK’s biggest electricity producer, is the latest thorn in bondholders’ sides. The utility stunned investors in September by admitting it faced a cash crisis only two weeks after publicly stating it was solvent. The government was forced to step in and provide £410 million in emergency working capital to allow the company to continue providing electricity. As Credit was going to press, the government announced the rollover of the facility, which was scheduled to
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