LONDON (Reuters) - Thames Water, Britain's biggest water supplier, will find out from a court this week whether a 3 billion pound ($3.88 billion) debt lifeline can proceed, as its battle to avoid a
Thames Water's £3 Billion Debt Relief Approved After Court Ruling
LONDON (Reuters) -Thames Water, Britain's biggest water supplier, said on Monday appeals against its 3 billion pound ($3.9 billion) debt lifeline had been rejected by the Court of Appeal, allowing the company to avoid a state rescue.
Thames Water said its focus was now on putting it onto a more stable financial footing.
The company is at the centre of a public backlash against the UK water industry. Mismanagement of Thames Water is blamed for sewage pollution in rivers, and for an 18 billion pound debt pile which has left it on the brink of financial collapse.
It secured court approval for the new 3 billion pound loan in February, giving it two years to get its finances back in order, but there were appeals from a group of junior creditors and public interest group headed by lawmaker Charlie Maynard.
The first tranche of new funding is expected to be provided in the coming months, Thames Water said.
"We continue to work closely with our creditors, enabling us to access liquidity to continue to implement our turnaround plan so we can deliver better results for our customers and the environment," Thames Water chief executive Chris Weston said in a statement.
($1 = 0.7712 pounds)
(Reporting by Sarah Young; Editing by Susan Fenton and Paul Sandle)
