CC leads pack on British Energy restructuring fees

Legal fees in the epic restructuring of British Energy are fast approaching the £20m mark, with Clifford Chance taking the lion’s-share of billings.

It is understood that British Energy’s law firm Clifford Chance has, so far in the process (which began a year ago), scored about £13m in fees.

Slaughter and May, which is acting for the UK government, is believed to be owed up to £5m, while billings for Cadwalader Wickersham & Taft, as bondholders’ counsel, are understood to be between £1m-£2m.

Last week was a turning point in the nuclear generator’s future after scores of lawyers banged out an agreement with creditors at Clifford Chance’s new Canary Wharf office for a £2bn debt for equity swap, which was signed on Wednesday (1 October).

However, the process could go on until September 2004, by which time the European Comm-ission will decide on whether the rescue plan constitutes illegal state aid.

Those involved…
British Energy Clifford Chance
Secretary of State for Trade and Industry Slaughter and May
McGrigor Donald (Scottish law)
Ad Hoc Bondholder Committee Cadwalader Wickersham & Taft
The Eggborough Banks Allen & Overy
Trustees of the Nuclear Liability Fund Linklaters
BNFL Freshfields Bruckhaus Deringer
Teeside Power Ashurst Morris Crisp
Enron Capital & Trade Europe Finance Weil Gotshal & Manges
TotalFinaElf Gas and Power Denton Wilde Sapte
KPMG White & Case