Other Company News
Thames Water 'to receive £1bn lifeline'
By Iain Gilbert
Date: Monday 23 Sep 2024
(Sharecast News) - Britain's largest water provider Thames Water will receive a much-needed £1.0bn lifeline by creditors before the end of the year, according to the Times.
Multiple hedge funds and institutions, which hold roughly £10.0bn of Thames Water's debt, believe the company needs a stop-gap cash infusion in order to stabilise the business before it enters into full restructuring mode.
Thames Water's financing will likely take the shape of loans or bonds with "super senior status" and will come complete with high interest rates.
The utility giant, which has been teetering on the brink of collapse since March, had a net debt position of £15.0bn and roughly £1.57bn of liquidity as of 31 August.
Reporting by Iain Gilbert at Sharecast.com
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