THE future of Europe's biggest coal-fired power station will be secured before the end of the year, sources have revealed.
The management team running the debt-laden Drax power station, near Selby, North Yorkshire, has entered exclusive talks with International Power about the future of the site.
Sources close to the negotiations believe the talks will result in a restructuring deal being completed within the next three months, that will safeguard 500 jobs and put the power plant on a sound financial footing.
The talks with International Power follow negotiations with a number of interested parties, including investment bank Goldman Sachs and mining group BHP Billiton.
David Crane, chief executive of International Power, said: "We are pleased to have advanced to this very important stage in the restructuring process and we look forward to a successful conclusion of negotiations."
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article