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Thames Water wins majority support among key Class B creditors for recapitalisation
The utility has already drawn £2.65 billion and says the added money would keep it operating into autumn 2027, Reuters reported.
- On Oct 15, Thames Water announced it needs an additional £2.4 billion in emergency funding, bringing the utility's total lifeline facility to £5.4 billion through autumn 2027.
- Weighed down by about £20 billion in debt, the utility faces mounting fines for polluting rivers, prompting efforts to overhaul its balance sheet through a broader recapitalization.
- Thames Water has already drawn £2.65 billion of its existing £3 billion lifeline; on Oct 16, the company reached a recapitalization agreement securing support from holders of more than 60% of junior debt.
- Regulators are considering a rescue plan involving debt writedowns and fresh equity investment, while Prime Minister Andy Burnham has pledged legislation allowing public ownership of water companies.
- Voting on the funding requests is scheduled for Oct 29, and if successful, the new capital would provide the utility with sufficient cash to continue operating through to autumn 2027.
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Thames Water Seeks £2.4 Billion More Funds to Keep Operating
·New York, United States
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Coverage Details
Total News Sources7
Leaning Left0Leaning Right1Center5Last UpdatedBias Distribution83% Center
Bias Distribution
- 83% of the sources are Center
83% Center
C 83%
R 17%
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