Fears grow for TXU Europe

FEARS that TXU Europe will go into administration mounted after the troubled energy giant failed to make a £20m payment on an electricity supply deal with its US-owned rival AES. TXU said it is trying to renegotiate the deal. The Association of British Insurers, representing big City investors, may form a committee to represent holders of TXU's £1.6bn of bonds, now trading at 20% of face value.