 AES bought the power plant in 1999 |
A �1.8bn North Yorkshire power station is set to be abandoned by its owners. The Drax site, near Selby, is the UK's largest coal-fired power station.
United States owners AES are believed to be ready to hand over one of Yorkshire's best-known landmarks to its creditors on Wednesday.
The decision has been taken after the energy firm failed to reach agreement with 53 banks and bondholders over the restructuring of its estimated �1.3bn worth of debts.
Huge losses
AES was forced into negotiations last year after the collapse of Drax's largest customer TXU Europe.
Since then the company has lost millions of pounds running the power station.
AES bought Drax in 1999 for �1.87bn.
If the proposal is accepted, another firm, International Power (IP), will attempt to step in to buy a share of Drax.
An IP spokeswoman said: "We are interested in Drax because it is an important part of England and Wales's electricity market."
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