Thames Water agrees funding into next year ahead of November deadline
Creditors representing more than £12 billion signed a support agreement as Thames Water seeks more time to finalize a rescue and recapitalisation plan.
- Thames Water secured creditor support on Monday to delay £12bn of debt repayments, providing the utility vital breathing space as it races to finalize a rescue deal and avoid collapse into public administration.
- Britain's largest water group has struggled under a debt mountain exceeding £20bn, previously relying on a £2.4bn funding commitment from lenders after a prior rescue deal with US private equity giant KKR collapsed last year.
- Creditors representing more than £12bn of secured debt signed a transaction support agreement, an "important milestone" for Thames Water supporting delivery of the AMP8 capital investment programme focused on customer and environmental improvements.
- The London and Valley Water consortium's £10bn rescue plan faces political opposition; Parliament's Environment, Food and Rural Affairs Committee argued it lacks "the interests of the public, the company or the environment at heart."
- Thames said discussions with creditors "remain ongoing" with no decision yet on the proposal, as the company's board, Ofwat, and regulators continue evaluating the consortium's plan before year-end.
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Great Yorkshire RadioThames Water agrees funding into next year ahead of November deadline
Thames Water agrees funding into next year ahead of November deadline
Thames Water pushes back £12bn of debt as rescue battle enters critical phase
Thames Water has secured support from creditors representing more than £12bn of debt to delay repayments, buying the embattled utility precious time as it races to agree a rescue deal… The post Thames Water pushes back £12bn of debt as rescue battle enters critical phase appeared first on London Business News
Thames Water buys time for rescue deal with delayed debt payments
Thames Water has laid out plans to push back debt repayments worth more than £12bn by a year, as the embattled utility looks to buy time to secure a rescue deal. Bosses at the country’s largest water company, which provides services to about 16m customers mainly in London, have proposed a deal to delay some [...]
Thames Water Creditors Back Debt Extension as Rescue Talks Drag
The water company, which is still waiting to be recapitalised, has reached an agreement to postpone the payment of a senior debt of more than £12 billion by a year.
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