Thames Water's Restructuring Plan Secures Creditor Approval
(Reuters) - 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% of secured debt.
The plan provides up to 3 billion pounds ($3.70 billion) in new funding, along with access to cash reserves and debt extensions, crucial for the British firm burdened with 17 billion pounds 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.
($1 = 0.8117 pounds)
(Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Vijay Kishore)
