(Reuters) -Thames Water's largest group of creditors is preparing to offer an additional 1.25 billion pound package of new equity and debt write-offs in an effort to persuade regulator Ofwat and the
Thames Water creditors offer 1 billion pound ‘sweetener’ in rescue deal, Sky ...
Thames Water's Financial Rescue Efforts
(Reuters) -Thames Water's largest group of creditors is preparing to offer an additional 1.25 billion pound package of new equity and debt write-offs in an effort to persuade regulator Ofwat and the UK government to pursue a rescue deal with them, Sky News reported on Monday, citing people close to the process.
The numbers were still subject to being finalised as part of a comprehensive plan to be submitted to Ofwat, the report added.
Reuters could not immediately verify the report. Thames Water, Ofwat and Silver Point Capital did not immediately respond to Reuters' request for comments. Elliott Management could not immediately be reached.
Britain's biggest water company with 16 million customers has been battling for survival since last year, with the government on standby to put it into its special administration regime (SAR) should it fail to agree a deal.
Details of the Proposed Package
Senior creditors, including hedge funds Elliott and Silver Point Capital, are trying to convince regulator Ofwat that their plan is the only way to prevent a state rescue.
Regulatory Approval and Future Steps
Last week Thames Water secured a deal with Ofwat by which almost 100 million pounds of what Thames Water owes could be delayed until 2030.
($1 = 0.7402 pounds)
(Reporting by Rhea Rose Abraham in BengaluruEditing by Tomasz Janowski; Editing by Sandra Maler)
