Creditors in High Court row over Thames Water restructuring plans
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. But this is opposed by a secondary group of creditors who hold a portion of Thames Water’s debt – thought to be about £750m of riskier, Class B bonds – who told the court that an alternative plan, the “B plan”, should be approved, which also involves a £3bn loan but with different terms. Tom Smith KC, for TWUH, told the court that the “A plan” aimed to provide “additional liquidity to act as a bridge” before a larger restructuring due to take place next year. He said: “If it is unable to implement this plan the expectation of the directors is that the operating company will enter into special administration.” In written submissions, he continued: “The group provides essential infrastructure services for which it is dependent on its suppliers and employees and, as such, it is critical that the group’s liquidity position is clearly stabilised well in advance of that date.” The A plan, drawn up by a cluster of investment giants including BlackRock, Abrdn and M&G, would effectively guarantee Thames Water can keep operating until 2026. Thames Water He said that TWUH “accepts that the Class B proposal offers the group more attractive terms than the A plan”, and that the A plan “unduly restricts the group from seeking the best possible outcome for all of its stakeholders”.
History of this topic
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