Clifford Chance

Thames Water restructuring progresses to the next stage

18 December 2024

The first hearing of the Thames Water (Thames) restructuring plan took place on 17 December 2024. Thames' restructuring plan is supported by its largest Class A creditors. Despite opposition from certain Class B creditors, Thames succeeded in getting the court's order to convene meetings to consider the plan on 21 January 2025.

The second court hearing at which the court must decide whether or not to approve the plan is scheduled to start on 3 February 2025. The plan is described as 'an interim solution', giving Thames a liquidity runway and providing a bridge to implement a more substantive restructuring in June 2025 (or later) when all parties will have the benefit of OFWAT’s price determination for AMP 8 (i.e. the next 5 years).

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