If approved, the deal will help Britain’s biggest water supplier survive for another year at least
Thames Water said on Friday it had lined up a financing lifeline of up to £3-billion with some of its creditors, in a deal which if approved by will help Britain’s biggest water supplier survive for another year at least.
The plan needs 75 per cent of all classes of debt to get the green light with a first court hearing scheduled for Dec. 17 ahead of a possible finalization of the plan by the end of January. As a bridge to take it to then, it needs 50 per cent of class A debt-holders to approve debt extensions and access to reserve cash.
“It lacked detail and it’s not deliverable in the time that is available to us,” he said of the alternative plan. “The government is fully aware of our gearing position and we have kept them in close contact throughout these negotiations,” chief financial officer Al Cochran said.
Debt Cent Plan Weston Company Group Deal Financial Times Reuters U.K.
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