AES Drax extends standstill period until Sept. 30

Chicago, Aug. 22 - AES Drax Holdings has obtained the consent of the majority of its senior bondholders and senior banks to enter into a new standstill agreement which will extend the standstill period until Sept. 30.

AES has entered into the fourth standstill agreement with the bond trustee under the Eurobonds, certain senior bondholders and the senior bond trustee. The agreement became effective on Aug. 22 and will expire on Sept. 30 unless terminated earlier.

AES has received offers to participate in its debt restructuring from several interested parties, including Goldman Sachs, International Power plc, and the latest, an offer Thursday from mining company BHP Billiton. Drax Holdings Ltd. has asked the bidders to extend the Friday deadlines on their offers to Aug. 29.

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