LONDON - Thames Water Utilities Limited (TWUL) has achieved significant creditor backing for its liquidity extension transaction, a key step in the company's restructuring efforts. As of December 27, 2024, the company reported that over 75% by value of various creditor classes have agreed to the transaction support agreement (TSA).
The TSA is part of a broader restructuring plan proposed by Thames Water Utilities Holdings Limited to manage the company's liquidity. The plan includes amendments to the treatment of certain hedging agreements, which became effective as announced on December 17, 2024.
Matt Cowlishaw of Teneo Financial Advisory Limited has provided a supplemental expert witness report updating the likely outcomes for creditors under the restructuring plan. This report, available on the Plan Website, reflects the latest developments in the company's restructuring strategy.
Creditors have been encouraged to review the supplemental report and seek legal and financial advice as necessary. Additionally, they are invited to accede to the TSA by the record date for the plan to access a non-cash consent fee, which will be capitalized in their respective position in the waterfall payment structure.
The company's proactive communication with its creditors, including the provision of current drafts of documents for the Liquidity Extension Transaction (JO:TCPJ) on the Plan Website, underscores the importance of transparency and creditor engagement in the restructuring process.
This development is based on a press release statement and represents a significant milestone for Thames Water as it works to stabilize its financial position and ensure continued operations. Creditors with queries regarding the supplemental report or the TSA are advised to contact the designated information agent.
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