 British Energy is struggling to turn around its fortunes |
Struggling nuclear power firm British Energy has seen its losses rise almost fourfold, as it continues attempts to try to turn itself around. For the first half of its current financial year - until 30 September -its pre-tax loss was �234m ($449m) compared to �60m a year earlier.
The firm said it has been hit by a number of "unplanned outages" or production halts at its power stations.
These include stoppages for inspections at its Hartlepool and Heysham plants.
Price woes
Back in November, British Energy won an extension to a deadline for a restructuring deal aimed at ensuring its financial future.
Creditors agreed to move the deadline for the deal back to 31 March.
British Energy said, however, that the debt-for-equity swap - which will cut the stake of existing shareholders to 2.5% - should be completed in January.
In 2002, a slump in wholesale power prices pushed the company towards the brink of insolvency.
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