LONDON (Alliance News) - Irish energy infrastructure company REACT Energy PLC on Wednesday said is remains in talks with potential financiers and is continuing to contest the termination of its Enfield lease agreement.
In May, REACT said it and its related companies have applied to the High Court in Dublin to seek the appointment of an examiner, with the aim of restructuring the business to create a "sustainable business model" under court protection.
REACT said it had decided to seek examinership after funding discussions with a strategic investor were suspended due to a dispute with the landlord of its Enfield site, difficulties in financing the re-powering of its Newry site, and legal actions taken against it by some creditors.
On Wednesday, the company said it is still in talks to secure financing, but said there is no guarantee any deal will be concluded positively.
REACT also said its Enfield Biomass subsidiary has filed a claim with the Royal Courts of Justice seeking invalidate the decision by Foresight Group, the landlord for the Enfield Biomass project, to terminate the lease. It said it will provide further details on the claim in due course.
Shares in REACT are suspended.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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