Thames Water Utilities Ltd has announced that the waiver contained in its security trust and intercreditor deed STID Proposal dated 20 December 2024 has been approved.by its majority Class A creditors.
Thames Water had sought the waiver solely for the purposes of continuing to facilitate the Liquidity Extension Transaction and the company’s restructuring plan - and also to mitigate any impact of actions of Class B Creditors or any other creditor group.
Thames Water said:
"The board and leadership team remain focused on implementing the company plan, stabilising the business and seeking the best financial and operational outcome for customers, the environment, UK taxpayers and the UK economy."
Thames had previously announced a consent process for a transaction support agreement (TSA) in connection with implementing its Liquidity Extension Transaction.
The Liquidity Extension Transaction will be implemented by the restructuring plan proposed by Thames Water - convening of creditor meetings in respect of the plan was approved at a High Court hearing on 17 December 2024.
Thames Water said it was made aware that certain Class B Creditors were seeking to launch a parallel restructuring plan to implement their alternative liquidity extension transaction.
The water company launched the STID Proposal in order to ensure that no default or event of default arose from a Class B or other creditor while Thames’ restructuring plan, which has the support of circa 89% of secured creditors of the Financing Group as of 7 January 2025, is being progressed.
Thames Water has now announced that the Security Trustee has received the required votes in favour of the waiver from the majority creditors and the waiver under the STID Proposal has accordingly been approved.
The STID Proposal will apply from the date on which the Security Trustee executes the Waiver Letter.
The continued application of the Waiver is subject to the conditions specified below:
- that the waivers granted under the 25 October STID Proposal continue to apply;
- that the company restructuring plan is sanctioned on or before 11 February 2025 (subject to any agreed extension);
- any applicable appeal period in relation to the plan has expired on or before 18 February 2025 (subject to any agreed extension), and no appeal is subsisting at that time; and
- if the company plan is sanctioned, the order sanctioning the restructuring plan has not subsequently been overturned on a successful appeal.
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