Battersea Power Station owner Real Estate Opportunities (REO) has been given extra time to come to an arrangement with the holder of £150m of loan notes.
REO announced in early September that £262.5m of debt relating to the power station had been extended until 31 August 2011 and all existing breaches waived.
However, the group’s lenders Bank of Scotland and Bank of Ireland, imposed conditions on REO that it would reach a compromise with the holder of £150m of A and B loan notes by 1 October.
This has not yet been completed and REO this morning said that negotiations with the loan note holder were ongoing and that its lenders had agreed to extend the date for a compromise to be reached until 10 October.
samantha.mcclary@estatesgazette.com
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