MP says he intends to appeal against approval of Thames Water restructure plans

For 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. I intend to keep fighting for Thames Water’s customers by appealing this judgment Charlie Maynard MP At a hearing in London earlier this month, lawyers for Mr Maynard said that the company plan was a “poor short-term fix” and a “bridge to nowhere”, and that the company should be put into special administration instead. “The only way to get Thames out from under this mountain of debt and back onto a stable financial footing at this point is to put the company into special administration with a swift exit plan.” Thames Water serves around 16 million customers, almost 25% of the UK’s population, but it is in about £16 billion of debt and needs £3.3 billion over the next five years to keep running. There is a public policy in favour of rescuing the Thames Water Group and giving the market a chance to agree a permanent restructuring plan before the Government is forced to fund a special administrator Mr Justice Leech The court heard that it was due to run out of money by March 24 if the restructuring was not approved, with the company plan approved by creditors holding more than 75% of its Class A debt, which is worth about £11.5 billion and is the least risky class of bonds in its debt pile. He said: “There is a public policy in favour of rescuing the Thames Water Group and giving the market a chance to agree a permanent restructuring plan before the Government is forced to fund a special administrator.” A further hearing before the same judge, dealing with consequential matters arising from the judgment, is expected to conclude on Tuesday.