LONDON - Thames Water Utilities Limited (TWUL) has initiated a critical phase in its financial restructuring plan, holding a convening hearing today to secure directions for creditor meetings. The hearing, part of the company's liquidity extension transaction, aims to gain permission to convene meetings of creditors affected by the restructuring plan proposed by Thames Water Utilities Holdings Limited.
Following the hearing, an explanatory statement will be made available to the creditors, prospective buyers, and other interested parties, detailing the restructuring plan's proposed effects and the next steps, including voting procedures. This statement will be accessible via the Plan Website.
Independent (LON:IOG) expert reports have been prepared to evaluate the business of Thames Water Group under various scenarios and to consider the likely outcomes for creditors under the proposed plan and relevant alternatives. The reports, conducted by Eraj Weerasinghe of Kroll, LLC and Matt Cowlishaw of Teneo Financial Advisory Limited, will be appended to the explanatory statement and are currently available on the Plan Website.
The liquidity extension transaction was announced on October 25, 2024, and as of December 16, 2024, over 75% by value of the Class A Debt providers and Currency Hedging Providers have agreed to the transaction support agreement (TSA). Creditors are encouraged to join the TSA by the record date to receive a non-cash consent fee, which will be capitalized in their respective positions in the waterfall payment structure.
Creditors with queries about accessing the explanatory statement or joining the TSA can contact the designated information agent via email. This move is part of TWUL's efforts to navigate its current financial challenges and restructure its debt in a manner that aligns with the interests of its creditors.
This article is based on a press release statement from Thames Water Utilities Limited.
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