Thames Water on Wednesday said that the restructuring plan proposed by the struggling utility company to extend its liquidity runway was approved by creditors holding over 90 per cent of secured debt.
The plan provides up to £3-billion ($3.70-billion) in new funding, along with access to cash reserves and debt extensions, crucial for the British firm burdened with £17-billion in debt.
“We believe it is the only implementable solution to enable the equity investment required to provide stability and certainty in the longer term and will not impact customer bills,” Julian Gething, chief restructuring officer said.