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.
|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|