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
November 18, 2004
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 18 November 2004
18 November 2004
British Energy plc
Restructuring and output update
Further to the announcements on 22 October 2004, both units at each of Heysham 1
and Hartlepool remain shutdown. Although work to demonstrate the integrity of
certain boilers has been virtually completed, we are continuing to make other
modifications to Hartlepool and Heysham 1 before they are restarted which is not
expected to be before mid-December.
In light of this, the Company has reduced its target for nuclear output for the
financial year 2004/2005 to 59.5 TWh.
British Energy is continuing to work hard to complete the Agreed Restructuring
in late January 2005. However in the light of the delay to the restart of
Hartlepool and Heysham 1, the Company has decided it is prudent to seek an
extension to the present Restructuring Long Stop Date of 31 January 2005. An
extension requires the agreement of holders of a simple majority of the bond and
RBS claims, a two-thirds majority of the Eggborough bank debt and swap claims
and a simple majority of the Enron, Teesside and Total claims (now held by
Deutsche Bank AG, London), and BNFL and the Secretary of State for Trade and
Industry. The Company expects to reach such an agreement shortly.
The Agreed Restructuring remains subject to large number of important conditions
and significant uncertainties. If for any reason the Company is unable to
implement the Agreed Restructuring prior to the present or any extended
Restructuring Long Stop Date, it may be unable to meet its financial obligations
as they fall due, in which case it may have to take appropriate insolvency
proceedings. If the Company were to commence insolvency proceedings,
distributions, if any, to unsecured creditors may represent only a small
fraction of their unsecured liabilities and it is highly unlikely there would be
any return to shareholders.
Contact:
Andrew Dowler 020 7831 3113 (Media Enquiries)
John Searles 01355 262202 (Investor Relations)
Find this News Release on our web-site: www.british-energy.com
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: November 18, 2004 BRITISH ENERGY PLC
By:____John Searles____
Name: John Searles
Title: Director - Investor Relations