Energis to miss £13.7 million coupon

New York, March 14 - Energis plc said it will not make the £13.7 million coupon payment due March 15 on its £300 million 9.125% senior notes due 2010.

The company has a 30-day grace period to cure the non-payment.

Energis said it was missing the payment in view of its expected balance sheet restructuring.

Discussions have already begun with a committee representing holders of 50% of the company's outstanding bonds, Energis said.

Talks are also continuing with the bank lenders, Energis continued, adding that the banks have allowed the company's U.K. business to draw down funds for short-term liquidity from its existing credit facility.

"A number" of parties have expressed interest in Energis' businesses and discussions are under way, the company said.

Energis has three series of notes outstanding. In addition to the 9.125s, it also has £125 million of 9.50% senior notes due June 15, 2009 and $200 million 9.75% senior notes due June 15, 2009. The next coupon on both these series is due June 15.

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