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
Richard Drax served. He was promoted captain on 10 March 1986. He relinquished his British Army commission on 9 September 1987, thereby retiring after nine years' service as a Coldstreamer. Drax worked at York's "Evening Press" as a reporter in 1991, before joining BBC South where he appeared on both radio and television media, including the daily television news programme "South Today". Selected as a Conservative prospective parliamentary candidate in July 2006, at the general election in May 2010 Drax defeated the incumbent Labour Member of Parliament for South Dorset, Jim Knight, "later" Baron Knight of Weymouth. Drax retained his seat in