Creditors want administrators appointed to Battersea owner

CREDITORS of the Irish- owned Battersea PowerStation asked a court to put the landmark property’s owner into administration the day after Britain’schancellor of the exchequer George Osborne backed a London Undergroundextension to boost the area’s development.

A group led by the National Asset Management Agency and Lloyds Banking Group Plc will ask an English court on December 12 to have administrators appointed for various units of Battersea Power Station Shareholder Vehicle Ltd. The lenders are owed £502 million (€586m).

London Mayor Boris Johnson and Mr Osborne donned hardhats and visited Berkeley Group Plc’s St James’s Riverlight project next to the power station site on November 28 to highlight regeneration in the Nine Elms neighbourhood south of the River Thames.