Thames Water Utilities Ltd has announced that the restructuring plan proposed by Thames Water Utilities Holdings Ltd has been approved by creditors holding over 90% of secured debt present and voting at the plan meetings, ahead of it being considered by the Court at the sanction hearing scheduled for 3 - 6 February 2025.
Following the order dated 17 December 2024 by the High Court of Justice of England and Wales, the results of were announced in a Liquidity Extension Update issued to the London Stock Exchange following seven meetings of Thames Water and the creditors which were convened yesterday to vote on the restructuring plan proposed by Thames Water.
The summary of the voting results is as follows:
The Court will consider approving the Plan at the sanction hearing scheduled for 3 - 6 February 2025.
"We believe it is the only implementable solution"
Julian Gething, Thames Water's Chief Restructuring Officer said:
"Our plan delivers for customers and stakeholders by unlocking up to £3 billion of new money and securing a total of £3.5 billion of debt maturity extensions over the next two years and cash releases, so we can continue investing the billions of pounds required to improve our network's resilience.
"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."
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