Drax Group in 2002. Many companies experienced financial problems, and Drax Power Station’s major customer went into administration, triggering financial difficulties for Drax. Following a series of standstill agreements with its creditors, the AES Corporation and Drax parted company in August 2003. During the restructuring, a number of bids were received from companies wishing to take a stake in the ownership of Drax, but creditors voted overwhelmingly to retain their interest in Drax. In December 2003, the restructuring was completed and Drax came under the ownership of a number of financial institutions. Almost exactly two years later, on 15 December 2005, Drax
Drax, North Yorkshire no value, as it had been flooded by the Ouse, and the borough was not even mentioned, leading George Sheeran to claim that flooding may have led to the abandonment of the town, or at least the end of its borough status. However, the inquisition post mortem for Richard Lely of Drax, held in 1422, indicates that his part of the land was not completely worthless, although the mill was ruined. His son John inherited and the property then passed to John's daughter Joan, who had been born and baptised at Drax in 1424. She was married to John Babthorpe