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 believed homes should be fit for human habitation but did not want to pass the new law that would explicitly require it. Drax lives in his family's ancestral seat, Charborough House - a Grade 1 Listed Manor House in rural Dorset. He holds the lordship of the manor of Longburton. Drax is the eldest son of Walter Plunkett-Ernle-Erle-Drax and The Hon. Pamela Weeks and a grandson of Admiral The Hon. Sir Reginald Drax, younger son of the 17th Lord Dunsany thereby being in remainder to the ancient Barony of Dunsany ("cr." 1462): the second oldest title in the Peerage of