English court approves Thames Water's interim restructuring plan (February 2025)
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On 18 February, the English court approved the interim restructuring plan proposed by Thames Water and supported by the Class A creditors (the "Plan"). The purpose of this interim restructuring plan is to extend Thames Water's liquidity runway by a further two years to provide it with a sufficiently stable platform to raise further capital in order to implement an adequate longer-term restructuring plan ("RP2").
The Plan faced significant opposition from its Class B creditors, subordinated creditor (Thames Water Ltd, of which the Plan Company is a wholly owned direct subsidiary), as well as Charlie Maynard MP who represented the public interest grounds. The court engaged its "cross class cram down" powers to bind the Class B creditors and subordinated creditor to the Plan notwithstanding their dissent.
