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| Link to the Daily Telegraph |
"Lloyds Banking Group has lined up administrators to take control of Battersea Power Station, after rejecting proposals to buy its debt from Malaysian property company SP Setia and the Irish developer backing the landmark site.
"The site potentially being thrown into administration is an embarrassment for the Chancellor George Osborne because the developer of the power station will fund roughly a third of the £600m Northern Line project, which he identified in the Autumn Statement as a key infrastructure project.
"Irish group REO [had] been searching for months for a new investor in the power station, to repay the bank debt and fund the £5.5bn redevelopment of Battersea Power Station, for which it has secured planning permission."
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