A planned £5.5bn redevelopment of London's Battersea Power Station site has been thrown into doubt after lenders applied for its holding company to be placed into administration.

Lloyds Banking Group and Ireland-based National Asset Management Agency (NAMA) are now poised to take control of the site, with a court hearing due to take place on 12 December.

Battersea Power Station Shareholder Vehicle (BPS) was set up in April "for the purposes of restructuring", but is now facing a demand for repayment totalling more than £500m.

Real Estate Opportunities (REO), which owns 54 per cent of BPS, said in a statement that the "certain subsidiaries" of the holding company were not able to "satisfy those demands".

REO said: "The company remains in discussions which may result in the disposal of the group's interest in the Battersea Power Station site and repayment of associated liabilities. However, there is no certainty that any such transaction will be effected."

Proposals for the Rafael Viñoly-designed mixed-use redevelopment of the Battersea Power Station site have been given the green light by both the local authority and government.

However, it has been reported that REO had failed in its bid to seek a development partner, while Chelsea Football Club is now eyeing the site for a potential stadium scheme.