Battersea Power Station facilities (1183T)
30 Novembre 2011 - 6:53PM
UK Regulatory
TIDMREO
RNS Number : 1183T
Real Estate Opportunities PLC
30 November 2011
Real Estate Opportunities plc (the Company)
Battersea Power Station facilities
The Company announces that certain subsidiaries (BPS
Subsidiaries) of Battersea Power Station Shareholder Vehicle
Limited, the holding company of Battersea Power Station formed for
the purposes of the restructuring that was announced in April 2011
and which is 54% owned by the Company, have received demand for
repayment from Bank of Scotland plc, as agent for the National
Asset Management Agency (NAMA) and Lloyds Banking Group the
(together the senior lenders), under the senior facilities advanced
in respect of the Battersea Power Station site, aggregating
approximately GBP324m, and from Oriental Property Limited under the
facilities advanced by it to the BPS Subsidiaries, aggregating
approximately GBP178m. The BPS Subsidiaries are currently not in a
position to satisfy these demands for repayment. The Company has
also been advised that NAMA and Lloyds Banking Group have applied
to the English court for the appointment of administrators to
certain of the BPS Subsidiaries and that a hearing for this purpose
is to be held on 12 December 2011.
The Company remains in discussions which may result in the
disposal of the group's interest in the Battersea Powerstation site
and repayment of associated liabilities. However, there is no
certainty that any such transaction will be effected.
The Company's other assets, which are situated in Ireland, are
unaffected by the above developments. The Company has recently
received term sheets from NAMA, the principal lender in respect of
its Irish assets, indicating NAMA's continued support for the
Company's business in Ireland.
Contacts:
Finsbury Group Tel: +44 (0) 20 7251 3801
Gordon Simpson
Arif Shah
Murray Consultants Tel: + 353 1 498 0300
Ed Micheau
This information is provided by RNS
The company news service from the London Stock Exchange
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