Thames Water has been saved from imminent financial collapse by a High Court ruling that allows it up to 3 billion in loans to restructure its operations. With around 16 billion in debt, this reprieve is crucial for the utility, which serves 16 million customers. The court approved a restructuring plan despite opposition from secondary creditors, who proposed a financially more favorable alternative. Without this plan, Thames Water could have entered special administration, jeopardizing services for millions and challenging the financial stability of England’s largest water company.
Thames Water has been granted an up to 3 billion reprieve by a High Court judge, allowing the struggling utility to stay afloat just weeks before it was set to run out of money.
TWUH needs 3.3 billion over the next five years to keep running, with the company facing roughly 16 billion of debt.
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