Bloomberg News

Battersea Power Station Creditors Said to Seek Receivership

December 13, 2011

Nov. 30 (Bloomberg) -- Creditors of Battersea Power Station, led by Lloyds Banking Group Plc and Ireland’s National Asset Management Agency, asked a court to put the building into receivership, said two people with knowledge of the matter.

The lenders sought a court hearing in Jersey today to place Battersea Power Station Shareholder Vehicle Ltd., the company set up to own the derelict buildings and the 38-acre site, in receivership, according to the people, who asked not to be identified because the information is private.

The lenders rejected a 262 million pound ($412 million) bid last week from SP Setia Bhd., Malaysia’s biggest public traded property developer by sales, to purchase the senior debt related to the London landmark.

Real Estate Opportunities has been seeking a partner to help develop the site, which it bought about five years ago. Following a debt for equity swap the company is now owned by Battersea Power Station Shareholder Vehicle Ltd.

Real Estate Opportunities spokesman Gordon Simpson declined to comment, as did Lloyds spokesman Emile Abu-Shakra and David Clerkin, a spokesman for NAMA.

--Editors: Jeff St.Onge, Rob Urban.

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To contact the reporter on this story: Neil Callanan in London at ncallanan@bloomberg.net; Simon Packard in London at packard@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net. NI COS NI CRE NI EUROPE NI FIN NI MARKETS NI RET NI UK NI BNK NI RTG NI CRUNCH NI BON NI IRELAND NI MALAY


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