Thames Water lines up High Court dates in bid to push through debt restructuring

19th Sep 2024 12:18

(Sharecast News) - British water utility company Thames Water was said to be lining up court dates in an effort to push through with a massive debt restructuring programme that may keep it out of government hands.

According to Sky News, advisers to Thames Water have approached a number of investors, including Apollo Global Management and Goldentree, as it hopes to gauge their interest in taking part in what would be a multi-billion pound rescue effort.

Thames Water has also reserved dates at the High Court in November as it looks to convene a hearing to gain approval for a restructuring plan that would see existing investors suffer considerable losses on their investment.

However, the restructuring plan was considered Thames Water's only viable option if it wants to avoid temporary nationalisation through a Special Administration Regime after the company previously warned that it would run out of money before Spring 2025 if it was unable to secure an injection of new capital.

Creditors accounting for approximately £9.0bn of Thames Water's parent's debt have begun drawing up contingency plans in case of the event that it is unable to raise up more than £3.0bn in the coming months.

Reporting by Iain Gilbert at Sharecast.com