FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
March 07 2003
BRITISH ENERGY PLC
(Registrant's name)
3 Redwood Crescent
Peel Park
East Kilbride G74 5PR
Scotland
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F..X.. Form 40-F.....
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ..... No ..X..
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b):
Exhibit Index
The following document (bearing the exhibit number listed below) is furnished
herewith and is made a part of this Report pursuant to the General Instructions
for Form 6-K:
Exhibit Description
No.1 RNS Announcement, re: Restructuring update
dated 07 March 2003
7 March 2003
BRITISH ENERGY plc ("British Energy" or the "Company")
EXTENSION OF UK GOVERNMENT LOAN FACILITY,
UPDATE ON AMERGEN, ADR RATIO CHANGE
Loan Facility
The UK Government ("HMG") has agreed to extend the facility agreement (the
"Facility"), entered into on 26 September 2002 (as amended), in order to provide
financial stability and security whilst British Energy seeks to achieve
the restructuring announced on 28 November 2002.
The Facility will mature on the earlier of 30 September 2004 or the date on
which the restructuring plan becomes effective and will be reduced from GBP650m
to GBP200m to provide working capital for the business and collateral to support
UK trading operations. HMG will be entitled to require immediate prepayment of
the Facility if British Energy does not obtain formal approvals to the
standstill agreements (terms of which were announced on 14 February 2003) by 25
March 2003 from the creditors (Eggborough Banks, bondholders, Royal Bank of
Scotland, Enron, TotalFinaElf and Teesside Power Limited) or if in the opinion
of the Secretary of State the restructuring cannot be implemented in the manner
or timescale envisaged.
The Board continues to believe that the proposed restructuring is in the best
interests of the Company and is working closely in conjunction with its advisers
and creditors to implement a successful restructuring of British Energy in
accordance with the Restructuring Proposals accepted on 28 November 2002 by HMG.
However, if the requirements set out in the restructuring proposals are not met
and the restructuring is therefore not implemented, the Company may have to seek
insolvency proceedings, in which case the distributions to unsecured creditors
may represent only a small fraction of their unsecured liabilities and it is
highly unlikely that there would be any return to shareholders.
Update on AmerGen
British Energy and Exelon Generation Company LLC announced in September 2002
their intention to sell their interests in AmerGen, which owns and operates
three nuclear power stations in the United States.
British Energy has decided, jointly with Exelon, to terminate this sale process.
British Energy and Exelon together concluded that none of the proposals received
adequately reflected the intrinsic value of AmerGen.
In accordance with the restructuring principles announced on 28 November 2002,
British Energy is continuing to take steps to realise its 50% interest in
AmerGen and to be in a position to execute a sale agreement by 30 June 2003.
ADR Ratio Change
As announced in the Interim Results on 12 December, 2002, the Company has been
in discussions with the New York Stock Exchange to ensure that it complies with
its continued listing criteria relating to the minimum share price. Therefore,
the ratio on the British Energy shares traded on the New York Stock Exchange
will be changed from 1 ADR to 4 ordinary shares, to a new ratio of 1 ADR to 75
ordinary shares. It is expected that this change will be effective by 30 April
2003
For further information: Andrew Dowler
Financial Dynamics
020 7831 3113
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: March 07 2003 BRITISH ENERGY PLC
By:____Paul Heward____
Name: Paul Heward
Title: Director - Investor Relations