Thames Water seeks £2.4 billion emergency funding from creditors

Summarised from 2 outlets · Updated 16 Oct, 13:02 · Archive

Thames Water is requesting £2.4 billion in emergency funding from creditors to continue operating.

Thames Water is requesting £2.4 billion in emergency funding from creditors to remain solvent while pursuing a long-term restructuring plan. The company is increasing its super-senior facility from £3 billion to £5.4 billion. If successful, the funding would enable Thames Water to continue operating until autumn 2027.

Creditors have been working on a recapitalisation plan that would take over the company. The creditors' latest offer is expected to include a writedown of around 35 per cent of Class A debt, as well as approximately £10 billion in new funds. Creditors are scheduled to vote on Thames Water's requests on 29 October.

The company has been struggling with substantial debt. Thames Water had previously indicated in its annual accounts that it would need to raise £2.4 billion if a deal was not reached by October. As an alternative to a creditor agreement, the government is considering putting the company into special administration, a form of government-overseen insolvency.

How it is being reported

• Thames Water seeking £2.4 billion in emergency funding from creditorsThames Water is asking for an extra £2.4 billion from creditors to stay afloat while it negotiates a long-term solution.Oxford Mail · 16 Oct, 12:30
• Thames Water seeking £2.4 billion in emergency funding from creditorsThames Water is asking for an extra £2.4 billion from creditors to stay afloat while it negotiates a long-term solution.Oxfordshire Guardian · 16 Oct, 12:30

In this story: Thames Water · Andy Burnham · England and Wales

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